Mortgage rates propelled higher by rising inflation

“Since the beginning of October, the 10-year Treasury has traded above 1.6 percent [for] 15 days,” said James Sahnger, mortgage planner at C2 Financial. “After dropping to 1.41 percent last week, it rebounded to [1.63 percent Tuesday] and had seemed poised to run higher from renewed concerns about inflation. We may have another run lower in [mortgage] rates for a brief period but following last week’s confirmation that everything — energy, food, automobiles and housing — has been on a missile ride in year-over-year price comparisons, don’t look for rates to hang out lower for long. If you’re shopping for a mortgage, I wouldn’t wait to see what Santa will leave under the tree. It may still be stuck in a container in the Pacific. Take what you can get now.”