{"id":76995,"date":"2023-10-30T05:00:55","date_gmt":"2023-10-30T12:00:55","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76995"},"modified":"2023-10-27T14:44:21","modified_gmt":"2023-10-27T21:44:21","slug":"why-mortgage-rates-are-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/","title":{"rendered":"Mortgage Rates Keep Rising Because the Economy Keeps Growing"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">When the 10-year treasury yield increases, mortgage rates increase. Several factors are causing the treasury yield to rise, including a resilient job market and consumers spending freely on things like Taylor Swift concerts and tickets to the Barbie movie.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The average 30-year mortgage rate hit <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">7.79%<\/span><\/a><span style=\"font-weight: 400;\"> last week, its highest level in 23 years. Despite hopes that rates would come down once inflation started to cool, they have remained above 6% all year and above 7% since mid-August, spooking many would-be homebuyers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.cnbc.com\/quotes\/US10Y\"><span style=\"font-weight: 400;\">steep rise<\/span><\/a><span style=\"font-weight: 400;\"> in the <\/span><a href=\"https:\/\/www.investopedia.com\/articles\/investing\/100814\/why-10-year-us-treasury-rates-matter.asp\"><span style=\"font-weight: 400;\">10-year treasury yield<\/span><\/a><span style=\"font-weight: 400;\"> is the main reason mortgage rates are approaching 8% and staying higher longer than expected. The things that are driving up treasury yields are driving up mortgage rates.\u00a0<\/span><\/p>\n<p><b>Treasury yields climbed to 5% this week.<\/b><span style=\"font-weight: 400;\"> Although the 10-year treasury yield only stayed above 5% briefly and is now sitting in the high-4% range, it has risen sharply since the beginning of summer. Because it underpins most consumer borrowing costs, a high 10-year treasury yield equals high mortgage rates; typically, mortgage rates are roughly three percentage points higher than the treasury yield. 5% yield = 8% mortgage rates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The 10-year treasury yield jumped as it became clear the overall economy is stronger than expected, and investors now expect it to remain resilient despite high interest rates for longer. Several economic indicators point to a still overheated U.S. economy that merits higher rates for longer:<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>GDP grew 4.9% in the third quarter, which means the economy is doing very well. <\/b><span style=\"font-weight: 400;\">The economy surged in the third quarter as consumers spent money on things like <\/span><a href=\"https:\/\/www.ustravel.org\/news\/taylor-swift-impact-5-months-and-5-billion#:~:text=Total%20Economic%20Impact%3A%20A%20well,up%20direct%20spending%20by%20fans.\"><span style=\"font-weight: 400;\">Taylor Swift concerts<\/span><\/a><span style=\"font-weight: 400;\">, tickets to the <\/span><a href=\"https:\/\/www.cnn.com\/2023\/07\/27\/business\/barbie-oppenheimer-movies-economy\/index.html\"><span style=\"font-weight: 400;\">Barbie movie<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.cnbc.com\/2023\/10\/17\/retail-sales-september-2023-.html\"><span style=\"font-weight: 400;\">going out to eat<\/span><\/a><span style=\"font-weight: 400;\">. Overall GDP and consumer spending both grew at their fastest pace in nearly two years; for context, 2% to 3%\u00a0 is considered healthy GDP growth, so nearly 5% is very strong. Looking forward, GDP growth should slow in the fourth quarter as events such as worker strikes, wars and student loan repayments put a strain on the economy.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Inflation is staying high. <\/b><span style=\"font-weight: 400;\">While inflation has come down significantly over the last year, it still stands at <\/span><a href=\"https:\/\/finance.yahoo.com\/news\/inflation-2023-fed-says-still-153519005.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAJHjPC24kw0x-seNibMz5Q9pZS8zf7SIa779WPjOQm93-tXrNNzDGW2IQBDaqXLXkUEg8isWNeqvnRS06OgjICs4Bb7iOvZf55q_5dHAy11f-sNucOky1qEWqtfZUSJzHlayW0_XvbCF5jYqEDQyVxbtIg9tMWIq-PJk_8MpJzvV\"><span style=\"font-weight: 400;\">3.7%<\/span><\/a><span style=\"font-weight: 400;\">, higher than the Fed\u2019s 2% target. That\u2019s a major reason why the Fed is expected to keep interest rates high into 2024\u2013though they\u2019re still not expected to <\/span><i><span style=\"font-weight: 400;\">raise<\/span><\/i><span style=\"font-weight: 400;\"> rates next month.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>The labor market is strong. <\/b><span style=\"font-weight: 400;\">September\u2019s <\/span><a href=\"https:\/\/www.nytimes.com\/live\/2023\/10\/06\/business\/jobs-report-september-economy\"><span style=\"font-weight: 400;\">jobs report<\/span><\/a><span style=\"font-weight: 400;\"> showed unexpected resilience in the labor market, with the U.S. adding many more jobs than expected and the unemployment rate holding steady. <\/span><a href=\"https:\/\/www.reuters.com\/markets\/us\/us-weekly-jobless-claims-unexpectedly-fall-2023-10-19\/\"><span style=\"font-weight: 400;\">Early indicators<\/span><\/a><span style=\"font-weight: 400;\"> of October\u2019s job market shows that it\u2019s still strong.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Increased supply and slowing demand for government bonds is another factor pushing the 10-year treasury yield up.<\/b><span style=\"font-weight: 400;\"> Because U.S. tax revenues fell unexpectedly this year, the treasury needed to borrow more money\u2013and they borrowed money using longterm debt (10-year treasuries). That, along with ever-growing government spending, means more treasury supply. Meanwhile, demand for treasuries is lower because investors\u2013including China\u2013are pulling back amid uncertainty around the economy and the bond markets. That results in lower prices, which means higher yields (or interest rates).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The irony is that mortgage rates are likely to remain elevated as long as the economy stays strong. A strong economy is good news for workers hoping to keep jobs, find jobs and earn more money, but it can be problematic for people seeking mortgages or with credit card debt because it keeps rates high.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When the 10-year treasury yield increases, mortgage rates increase. Several factors are causing the treasury yield to rise, including a resilient job market and consumers spending freely on things like Taylor Swift concerts and tickets to the Barbie movie.\u00a0 The average 30-year mortgage rate hit 7.79% last week, its highest level in 23 years. Despite [&hellip;]<\/p>\n","protected":false},"author":13558,"featured_media":76997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[632],"tags":[36,623],"dashboard":[],"coauthors":[622],"class_list":["post-76995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-from-our-economists","tag-economics","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mortgage Rates Keep Rising Because the Economy Keeps Growing - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"When the 10-year treasury yield increases, mortgage rates increase. Several factors are causing the treasury yield to rise, including a resilient job market and consumers spending freely on things like Taylor Swift concerts and tickets to the Barbie movie.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Rates Keep Rising Because the Economy Keeps Growing\" \/>\n<meta property=\"og:description\" content=\"When the 10-year treasury yield increases, mortgage rates increase. Several factors are causing the treasury yield to rise, including a resilient job market and consumers spending freely on things like Taylor Swift concerts and tickets to the Barbie movie.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-30T12:00:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/money-2724241_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"865\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Chen Zhao\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Chen Zhao\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/\"},\"author\":{\"name\":\"Chen Zhao\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/a0a62ede97b24e6f17c1cffb6ffdd574\"},\"headline\":\"Mortgage Rates Keep Rising Because the Economy Keeps Growing\",\"datePublished\":\"2023-10-30T12:00:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/\"},\"wordCount\":567,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/money-2724241_1280.jpg\",\"keywords\":[\"Economics\",\"national\"],\"articleSection\":[\"From Our Economists\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/\",\"name\":\"Mortgage Rates Keep Rising Because the Economy Keeps Growing - Redfin Real Estate News\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/money-2724241_1280.jpg\",\"datePublished\":\"2023-10-30T12:00:55+00:00\",\"description\":\"When the 10-year treasury yield increases, mortgage rates increase. Several factors are causing the treasury yield to rise, including a resilient job market and consumers spending freely on things like Taylor Swift concerts and tickets to the Barbie movie.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/money-2724241_1280.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/money-2724241_1280.jpg\",\"width\":1280,\"height\":865},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/why-mortgage-rates-are-high\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mortgage Rates Keep Rising Because the Economy Keeps Growing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"name\":\"Redfin Real Estate News\",\"description\":\"The latest real estate news and research from technology-powered residential real estate company, Redfin.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"width\":1100,\"height\":235,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/a0a62ede97b24e6f17c1cffb6ffdd574\",\"name\":\"Chen Zhao\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Chen_Zhao-150x150.jpg83fdc0124d9fcdfe5e5d8583a850a63f\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Chen_Zhao-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Chen_Zhao-150x150.jpg\",\"caption\":\"Chen Zhao\"},\"description\":\"Chen Zhao is the head of economics research, where she produces research on the housing market for public and internal audiences. Previously, she was an executive director leading housing finance and financial markets research at the JPMorgan Chase Institute. Prior to joining JPMCI, Chen was an economics consultant at Analysis Group, Inc., where she worked on financial litigation cases and led teams conducting health economics and outcomes research on behalf of pharmaceutical companies. While in graduate school, Chen was with the Center for Economic Studies and the Social Economic and Housing Statistics Division at the US Census Bureau, where she conducted applied microeconomics research using large scale restricted-access linked survey-administrative data. She started her career at the White House Council of Economic Advisers, where she focused on labor and health economics.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/chen-zhao\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Mortgage Rates Keep Rising Because the Economy Keeps Growing - Redfin Real Estate News","description":"When the 10-year treasury yield increases, mortgage rates increase. Several factors are causing the treasury yield to rise, including a resilient job market and consumers spending freely on things like Taylor Swift concerts and tickets to the Barbie movie.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/","og_locale":"en_US","og_type":"article","og_title":"Mortgage Rates Keep Rising Because the Economy Keeps Growing","og_description":"When the 10-year treasury yield increases, mortgage rates increase. Several factors are causing the treasury yield to rise, including a resilient job market and consumers spending freely on things like Taylor Swift concerts and tickets to the Barbie movie.","og_url":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2023-10-30T12:00:55+00:00","og_image":[{"width":1280,"height":865,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/money-2724241_1280.jpg","type":"image\/jpeg"}],"author":"Chen Zhao","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Chen Zhao","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/"},"author":{"name":"Chen Zhao","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/a0a62ede97b24e6f17c1cffb6ffdd574"},"headline":"Mortgage Rates Keep Rising Because the Economy Keeps Growing","datePublished":"2023-10-30T12:00:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/"},"wordCount":567,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/money-2724241_1280.jpg","keywords":["Economics","national"],"articleSection":["From Our Economists"],"inLanguage":"en-US","copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/","url":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/","name":"Mortgage Rates Keep Rising Because the Economy Keeps Growing - Redfin Real Estate News","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/money-2724241_1280.jpg","datePublished":"2023-10-30T12:00:55+00:00","description":"When the 10-year treasury yield increases, mortgage rates increase. Several factors are causing the treasury yield to rise, including a resilient job market and consumers spending freely on things like Taylor Swift concerts and tickets to the Barbie movie.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/money-2724241_1280.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/money-2724241_1280.jpg","width":1280,"height":865},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/why-mortgage-rates-are-high\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"Mortgage Rates Keep Rising Because the Economy Keeps Growing"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/news\/#website","url":"https:\/\/www.redfin.com\/news\/","name":"Redfin Real Estate News","description":"The latest real estate news and research from technology-powered residential real estate company, Redfin.","publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/news\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","width":1100,"height":235,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/a0a62ede97b24e6f17c1cffb6ffdd574","name":"Chen Zhao","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Chen_Zhao-150x150.jpg83fdc0124d9fcdfe5e5d8583a850a63f","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Chen_Zhao-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Chen_Zhao-150x150.jpg","caption":"Chen Zhao"},"description":"Chen Zhao is the head of economics research, where she produces research on the housing market for public and internal audiences. Previously, she was an executive director leading housing finance and financial markets research at the JPMorgan Chase Institute. Prior to joining JPMCI, Chen was an economics consultant at Analysis Group, Inc., where she worked on financial litigation cases and led teams conducting health economics and outcomes research on behalf of pharmaceutical companies. While in graduate school, Chen was with the Center for Economic Studies and the Social Economic and Housing Statistics Division at the US Census Bureau, where she conducted applied microeconomics research using large scale restricted-access linked survey-administrative data. She started her career at the White House Council of Economic Advisers, where she focused on labor and health economics.","url":"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/76995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13558"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=76995"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/76995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/76997"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=76995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=76995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=76995"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=76995"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=76995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}