The cost of funding fixed-rate mortgages surged this week as bond yields escalated.
The 5-year yield
is up over 30 basis points
in 10 days, and 45 bps
since the end of January.
That means lenders could start pulling some fixed-rate specials and/or increasing rates in general, as early as next week.
Some have already lifted rates in the last 48 hours and we hear at least one major bank will be cancelling its 2.99% 4-year offer on Tuesday.
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