Mortgage rates followed the 10-year Treasury yield for the first time in 2017 with a substantial increase from last week.
“The 10-year Treasury yield rose about 10 basis points this week,” Freddie Mac Chief Economist Sean Becketti said. “For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21%.”
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage increased to 4.21% for the week ending March 9, 2017. This is up from last week’s 4.1% and from last year’s 3.68%.
Likewise, the 15-year FRM increased to 3.42%, up from 3.32% last week and 2.96% last year.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.23%, up from 3.14% last week and 2.92% last year.
“The strength of Friday’s employment report and the outcome of next week’s FOMC meeting are likely to set the direction of next week’s survey rate,” Becketti said.