By Janna Herron • Bankrate.com
Mortgage rates resumed their climb this week after the yield on the 10-year Treasury booked its largest two-day gain in almost two years. The increase kept Americans from refinancing their homes and put pressure on purchase mortgage applications.
“Investor concerns about deflation and the economy in Europe may have been a little too pessimistic and now we’re seeing yields rise,” says Brian Rehling, chief fixed income strategist for Wells Fargo Advisors. “Treasury yields are frankly just along for the ride.”
