The average rate of 30 year mortgage has shot up to 6.41%. That is the highest rate since September of last year and comes after the rate dipped below the 6.00% level to 5.98% during the week of February 23.
The spike in rates is following the rise in the 10 year note. The 10 year yield has moved up from 3.926% to the current rate of 4.283% since the start of the Iranian war.
Looking at the weekly chart, the yield has moved back above its 100 week moving average at 4.248% (blue line on the chart below). Last week, the price extended back above its 200 week moving average currently at 4.024% (Green line on the chart below)..
The 10 year yield is up 0.8 basis points in trading today.
US stocks are down on the day but off its session lows.
Dow industrial average is trading above and below unchangedS&P index is trading down -21 points or -0.31%NASDAQ index is trading down -160 points or -0.72%
Crude oil is trading up $1.22 were 1.27% and $96.95.
Gold is trading down $31 or -0.63% at $5045. For the week, gold prices are down -2.438% despite the global tensions. Slver is down $-3.52 or -4.20%.. For the week, silver is down -4.89%.
This article was written by Greg Michalowski at investinglive.com.