Mortgage rates steady

3/24/06

The yield on the benchmark 10-year note that lenders use as a guide to set mortgage rates approached its lowest level of the month. The decline in yields, however, has yet to affect mortgage rates, which remain near those of Thursday.

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 6.111 percent, down from 6.126 percent on Thursday.

The 15-year conventional fixed-rate mortgage was at 5.725 percent, down from 5.749 percent on Thursday.

Due to the substantial decline in Treasury yields on Friday, it is possible that mortgage rates on some products could edge down over the weekend and into Monday.

Mortgage rates begin to rise

3/21/2006

Treasuries rallied yesterday, sending yields down, and mortgage rates, which are based on yields, edged down accordingly. But when Treasuries sold off today, their yields, which move in the opposite direction of price, rose, and mortgage rates began to climb back up.

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 6.114 percent, up from 6.1 percent on Monday.

The 15-year conventional fixed-rate mortgage was at 5.73 percent, up from 5.71 percent on Monday.

Mortgage rates will continue to edge up thanks to the steep increase in Treasury yields today.

Mortgage rates remain level

3/20/2006

There was not sufficient movement in yields, however, to send mortgage rates, which are based on Treasury yields, down more than a few basis points.

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 6.1 percent, down from 6.112 percent on Friday.

The 15-year conventional fixed-rate mortgage at 5.71 percent, down from 5.717 percent on Friday.

Today's decline in Treasury yields could impact some mortgage rates - those on the cusp of moving lower. Those so affected could edge down. But it will take sustained buying in Treasuries to significantly lower mortgage rates.