Today the yield on the 10 year Treasury Bond is up sharply over last week and Maine Mortgage Rates have come up with it. There was a weak 5 year auction yesterday (pushing yields higher) and there is a 10 year Treasury Bond auction today (pushing yields higher). Traders expect bond yields to retract as we approach the November Fed meeting and keep mortgage rates low.
I would recommend floating any new mortgage applications and wait for pricing to improve. This also allows for your lender to lock at a much shorter rate lock period after receiving appraisal. Contact your Maine Mortgage Broker or Banker for details and advice.
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