Mortgage Rates Rise on Good News

The announcement yesterday morning by Pfizer about the results of their new COVID-19 vaccine caused jubilation in the stock market and a big sell-off in the bond markets. Pfizer announced that their vaccine that would be administered in 2 doses is 90% effective, to which Dr Fauci said, this is "extraordinary." He also believes vaccinations could start by the end of the month.

This great news caused stocks to soar on Monday and the bond markets suffered as mortgage rates rose by 1/8% to ¼% yesterday. It will be very interesting to see how the bond market does the remaining of this week. But, we may see mortgage rates continue to rise.