Bond yields are climbing. Here's what that means for mortgages and other consumer borrowing
Against a backdrop of persisting inflationary pressures, yields on longer-term bonds have been climbing, which experts say is likely to keep borrowing costs elevated - particularly for long-term fixed-rate loans such as mortgages. The yield on the U.S. 30-year Treasury bond hit 5.323% on Tuesday, a 19-year high, before edging down to just below 5.3%. The 10-year Treasury yield - a key benchmark for fixed mortgage rates and other longer-term loans - is above 4.7%. That compares to below 4% before the start of the Iran War at the end of February.
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Why no-closing-cost refinancing doesn't mean no costs
As the saying goes, nothing in life is free. Despite the name, you don't escape the 2% to 5% cost of refinancing a mortgage with a no-closing-cost refinance. While you don't have to pay the costs upfront, your lender just moves those costs elsewhere: a higher interest rate, a higher loan balance or both. For many homeowners, the real question is, "Will avoiding these out-of-pocket fees quietly cost me more?" In many cases, the answer is yes.
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Myers named chief deputy commissioner at N.C. Department of Insurance
Myers most recently spent three and a half years as deputy commissioner for the Louisiana Department of Insurance, where he oversaw the Office of Property and Casualty. He chaired the Louisiana Auto Insurance Plan, helped restructure the Louisiana Fortified Homes Program and led the Title Insurance Working Group at the National Association of Insurance Commissioners.
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The ROAD to Housing Act Calls on HUD to Expand Access to Small-Dollar Loans
Over the past decade and a half, first-time homebuyers have been increasingly squeezed out of the entry-level housing market. Many affordable homes are being sold to cash buyers or investors because prospective owner-occupants cannot obtain the small-dollar mortgages they need to buy them. The problem lies in the nature of mortgage origination.
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