The 30-year mortgage rate still reflects pre-election numbers, but that could all change next week.
“On Wednesday, the 10-year Treasury yield closed above 2%, about 25 basis points higher than its pre-election value and its highest yield since January,” Freddie Mac Chief Economist Sean Becketti said. “At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week.”
Mortgage rates are said to closely follow 10-year Treasury rates, so when the latter goes up so does the former, usually.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage increased to 3.57% for the week ending Nov. 10, 2016. This is up from last week’s 3.54% but down from last year’s 3.98%.
The 15-year FRM increased to 2.88%, up from 2.84% last week but down from last year’s 3.2%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly to 2.88%. This is up from 2.87% last week, but down from 3.03% last year.
“This week’s survey reflects pre-election market conditions,” Becketti said. “As a result, the 30-year mortgage rate increased to 3.57%, only three basis points higher than last week’s level.”