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Published: Feb 24, 2021 5 min read
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For borrowers interested in refinancing a mortgage or purchasing a new home, now may be the time.

As the ongoing distribution of COVID-19 vaccines and the likelihood of a larger stimulus package provide a much-needed boost to the U.S. economy, mortgage rates are up and likely to rise further.

That’s because the positive outlook is already sending the 10-Treasury yield higher and mortgage rates usually move in concert with the Treasury.

The yield on the 10-year Treasury note has been at 1.37% for the past two days and climbed above 1.4% today. That’s the highest it has been since late-February 2020, before the pandemic sent the economy into a tailspin. (By early-March, the 10-year hit a record low yield of 0.38%.)