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Flyhomes’ Post

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19,981 followers

3mo

Happy Fed Day to all who celebrate. If you find yourself reading news coverage of today's rate cut and wonder 'what's the 10-year yield' or 'what's the magic number that triggers housing demand' - look no further, Justin O'Neill and Adam Hopson have you covered! . . . #ratecut #federalreserve #interestrates #mortgagerates #housing #realestate

Transcript

What is the relationship between the 10 year yield in mortgage rates? If you look into mortgage rates, you'll very quickly come across the 10 year yield. The 10 year Treasury bond yield is the interest rate the US government pays to borrow money for a decade in the form of a Treasury bond. And the 10 year yield acts as a proxy for mortgage rates. It's the rate that mortgage rates most closely track. So when the 10 year yield goes up, mortgage rates go up go up. When the 10 year yield goes down, mortgage rates go down. Is there a tipping point or a certain percentage that rates have to get to for us to see a huge spike in housing demand? It's all relative. We've been largely in the 7% range for a year now with various peaks up into the eighths. Historically, demand picks up in a declining rate environment when the percentage drop is around 2% and then sticks. So knowing we peaked at 7 to 8% this cycle, we expect home sales to pick up considerably once we're between 5 and 6% for a prolonged period.

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Flyhomes

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