Mortgage rates are rising still, with the average, 30-year, fixed rate up for the ninth straight week, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The 30-year, fixed landed at 4.46 percent this week, up from 4.43 percent the week prior.
“The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month,” says Len Kiefer, deputy chief economist at Freddie Mac. “While the yield on the 10-year Treasury is currently below the high of 2.95 percent reached two weeks ago, mortgage rates are up for the ninth consecutive week. The U.S. weekly average 30-year, fixed mortgage rate rose three basis points to 4.46 percent in this week’s survey, its highest level since January 2014.”
The average 15-year, fixed rate also rose, to 3.94 percent this week from 3.90 percent the week prior. The average five-year, Treasury-indexed hybrid adjustable rate was 3.63 percent this week, up from 3.62 percent the week prior.
In approximately two weeks, the Federal Reserve will announce its decision on the key interest rate, which can affect the cost of a loan, including mortgages. Many anticipate the Fed will raise the rate this month, as well as another two times this year.
Source: Freddie Mac
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