Today’s mortgage rates

[Emily Smith]

Rates on 30-year mortgages rose for a third straight week, striking the highest level in eight months and the30-year, fixed-rate mortgages averaged 6.42 percent and the rates on 15-year, fixed-rate mortgages, a well-liked choice for refinancing, rose to 6.12 percent this week, up from 6.06 percent last week.

Rates on Five-year, adjustable-rate mortgages averaged 6.19 percent, up from 6.02 percent and One-year, adjustable mortgages were the only category to show a decline, dipping to 5.57 percent from 5.64 percent last week.

Cheers
Samantha

[Peter Stewart]

What are the factors leading to the rates continuing to increase? Have you heard if the rates are projected to come down?

-Peter

[Account Closed]

Peter,

US mortgage rates are largely tied to the 10 Year Treasury. Long rates have been going up relative to short term rates. In many ways they should have gone up a long time ago as they normally stay about the short term rate.

When people talk about falling bond prices and rising yields that is a signal that you will see rising mortgage rates fairly quickly after the bond movements.

John Corey

[Peter Stewart]

That makes sense. Thanks for explaining!

-Peter