A new reality of 7% mortgage rates could be setting in, top economist says [Yahoo! Finance]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Yahoo! Finance
It's a far cry from the historically low mortgage rates seen throughout the pandemic and years before. At one point, the average mortgage rate was as low as 2.65%. That might not happen ever again, but it definitely won't happen anytime soon, according to Carl Riccadonna, chief U.S. economist at BNP Paribas “If we look at where a 10-year Treasury yield is trading or settling, that's a key driver of where mortgage rates are going,” Riccadonna said, appearing on CNBC. He continued: “I think a new reality is setting in with homebuyers that we're not going to go back to those pandemic lows anytime soon, given the very soft landing in the economy, persistent inflation pressures, which are trending lower but taking some time to move there—and that means elevated mortgage rates with a seven as the first number as opposed to two during the pandemic.” Mortgage rates were falling as inflation cooled, but after multiple hotter-than-expected consumer price index reports, and hesitation on
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