Managing Editor, National Mortgage Professional
Prime rose to 7% while the 10-year Treasury remained near 5%, giving originators two different borrower conversations
The Federal Reserve’s first rate increase in more than three years will not affect every mortgage borrower the same way.
Major banks immediately raised their prime lending rates from 6.75% to 7%, increasing the benchmark used by many variable-rate home equity lines of credit. Fixed mortgage rates did not automatically rise with the Fed’s quarter-point move, but remained near 7% as the 10-year Treasury hovered around 5%.
read more here