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Mortgage Rates Claw Back Up

Mortgage rates clawed back up after weeks on a downswing, with the 30-year, fixed rate now averaging 3.91 percent, up from 3.89 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed rate moved to 3.18 percent, also up, from 3.16 percent, while the average 5-year, Treasury-indexed hybrid adjustable posted 3.15 percent, up from 3.11 percent.

The across-the-board rise in rates, however, could be short-lived, says Sean Becketti, chief economist at Freddie Mac.

“The 30-year mortgage rate rose two basis points over the week to 3.91 percent,” says Becketti. “However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak [Consumer Price Index] release. If that drop in yields sticks, mortgage rates are likely to follow in next week’s survey.”

Mortgage rates, in addition, are indirectly affected by the key interest rate, which the Federal Reserve again hiked this week.

Source: Freddie Mac

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