Mortgage rates were at 5.875% par about 1month ago, and now are going up to 6.25%-6.375%.
This dramatic increase was stimulated by the FED lowering the rates to help the market stabilize. North Carolina Mortgage Rates will continue to climb if the FED lowers the rates once more.
Mortgage Rates are generally compared to the 10yr bond notes.
Let's hope that the FED realizes their actions are actually hurting future homeowners, and future refinances!