Matt Grossman
speaker
182 appearances
3 recordings
1 series
first heard Apr 2022
last heard Jan 2025
Matt Grossman’s voice in public audio — every appearance, attributed to the second.
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Appearances
But in general, they really closely follow some benchmark interest rates in the economy.
For mortgage rates, the main benchmark is the yield on the 10-year Treasury note.
which is a government bond that really sets the pace for borrowing costs throughout the economy.
So when the 10-year yield is higher, people tend to see higher mortgage rates.
And conversely, when the 10-year is down a bit, then mortgage rates might recede.
So the answer to that really comes down to inflation.
Prices have been rising at the fastest pace in several decades, and that's the top concern of the Federal Reserve.
The Fed's main tool to fight inflation
is raising interest rates and also withdrawing some of its support for the bond markets, which has really made it very cheap for all kinds of people and companies to borrow money over the last couple of years.
So the Fed is rapidly changing course on its monetary policy, and that is making borrowing much more expensive, whether the government and your paying interest on government debt
or whether you're a homeowner and paying interest on a mortgage.
Yeah, that's an average rate, and the rate is going to depend quite a bit based on who you are and where you're living.
If you are a wealthy homebuyer, maybe somebody who's older, has a great credit score, has been making your monthly credit card payments on time for decades,
you might have a mortgage rate that's somewhat cheaper.
On the other hand, if you're a first-time borrower, if you have some problems in your credit history and you don't have such a high credit score, it's definitely possible you'd see a rate above 5% right now.
Yeah.
So the monthly mortgage bill that you're going to have to pay every month on your house depends on the purchase price of the house, how big your down payment was and things like that.
Even though the rates have gone up by what could sound like a small amount from around two something percent.
a year ago to about 5% now, that can really make a big difference month to month.
So if you're buying a typical house, your monthly payment really could be more than a third higher than it was a year ago.
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