St Casimirs Mortgage Minute

Mortgage Rates Wander Upward But May Be Headed Back Down

Freddie Mac reported on April 28 that the average 30-year fixed-rate mortgage rose to 3.66 percent, up from 3.59 percent the previous week but down from 3.68 percent a year ago. The average 15-year fixed-rate mortgage edged up to 2.89 percent from 2.85 percent but was down from 2.94 percent last year. Meanwhile, the average five-year adjustable-rate mortgage climbed to 2.86 percent from 2.81 percent the previous week and 2.85 percent a year ago. "Treasury yields marched higher this week," said Freddie Mac chief economist Sean Becketti. "As a result, the 30-year mortgage rate jumped seven basis points to 3.66 percent. The Federal Reserve's decision to leave the federal funds rate unchanged triggered a nine basis point drop in the 10-year Treasury yield on [April 27]; however, the drop occurred too late to impact this week's survey."

From "Mortgage Rates Wander Upward But May Be Headed Back Down"
Washington Post (04/28/16) Orton, Kathy