Mortgage rates stay high

3/10/2006

Although selling came in waves, interspersed by periods of calm, the bottom line was another increase in yields, which move in the opposite direction of prices. With yields at their highest levels since May 2004, lenders, who base their rates on yields, were forced to keep mortgage rates at present high levels.

At 4 p.m. EST, average mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year conventional fixed-rate mortgage was at 6.109 percent, down from 6.126 percent on Thursday.

The 15-year conventional fixed-rate mortgage was at 5.751 percent, up from 5.743 percent on Thursday.

There are no releases scheduled for Monday, which will leave the markets to carry on from Friday or look elsewhere for guidance. Over the weekend and into Monday, mortgage rates should hold near present levels due to minor increases in Treasury yields.

Mortgage rates hold

3/8/2006

Mild selling today seemed to reassure equity traders, and Treasury yields, which move in the opposite direction of prices, remained close to those of yesterday. This allowed mortgage rates to edge just a shade higher than those of Tuesday.

At 4 p.m. EST, average mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year conventional fixed-rate mortgage at 6.122 percent, up from 6.11 percent on Tuesday.

The 15-year conventional fixed-rate mortgage at 5.747 percent, up from 5.718 percent on Tuesday.

Due to the relative stability of Treasury yields today, there is little reason to believe that mortgage rates will move far from present levels overnight and into Thursday morning.

Mortgage rates move up

3/6/2006

Steadily rising yields have forced lenders to raise mortgage rates on most products.

At 4 p.m. EST, average mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year conventional fixed-rate mortgage at 6.087 percent, up from 6.046 percent on Friday.

The 15-year conventional fixed-rate mortgage at 5.706 percent, up from 5.647 percent on Friday.

Another hike in Treasury yields will likely keep mortgage lenders busy, as they will have to increase rates to keep pace with rising yields. Lenders have to offer investors interest rates that are higher than those on Treasuries, because there is more risk involved in buying mortgage-backed securities than buying Treasuries, which are basically risk-free.

Mortgage rates climb

3/3/2006

Steady selling in Treasuries kept the yield, which moves in the opposite direction of price, on the benchmark 10-year note at its highest levels since June 2004. This has forced mortgage lenders, who base their rates on Treasury yields, to edge them up on many popular products.

At 4 p.m. EST, average mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year conventional fixed-rate mortgage at 6.046 percent, up from 6.021 percent on Thursday.

The 15-year conventional fixed-rate mortgage at 5.647 percent, up from 5.635 percent on Thursday.

Today's increases in Treasury yields are likely to keep upward pressure on mortgage rates, which could creep higher over the weekend and into Monday.