Mortgage rates increase sharply after three weeks of easing
Key takeaways:
- After stretching back over the previous three weeks, Mortgage rates climbed sharply this week.
- According to Mortgage News Daily, the 30-year set hit 5.36% and then pushed higher again Tuesday to 5.47%.
- Volatility in international markets Monday sent bond returns higher.
- Mortgage rates follow the profit on the 10-year U.S. Treasury loosely.
After stretching back over the prior three weeks, Mortgage rates grew sharply this week.
According to Mortgage News Daily, the 30-year set hit 5.36% and then drove higher again Tuesday to 5.47%. Volatility in international markets Monday sent bond profits higher. Mortgage rates follow the yield on the 10-year U.S. Treasury loosely.
The average rate on the famous 30-year fixed loan finished last week at 5.25%. The average rate on the popular 30-year fixed loan ended the previous week at 5.25%.
The previous high, three weeks back, was 5.67%, but the rate fell as the stock market sold off and bond profits plunged.
The jump Tuesday was probably due to the U.S. Manufacturing Index data.
“The uptick in the manufacturing index means the economy isn’t hitting the brakes very quickly,” noted Matthew Graham, COO of Mortgage News Daily.