Mortgage Rates Continue North 10-4
U.S. Treasury securities found buyers on Tuesday thanks to falling oil prices, but activity fell well short of a rally. Prices ticked up and yields, which move in the opposite direction of prices, came off two-month highs reached on Monday.
At 4 p.m. EDT, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:
The 30-year Conventional Fixed-Rate Mortgage was at 5.752 percent from 5.712 percent at Monday's close.
The 15-year Conventional Fixed-Rate Mortgage was at 5.358 percent from 5.335 percent at Monday's close.
Coming Up:
The Institute of Supply Management's (ISM) index on non-manufacturing conditions in September, i.e., the service sector, is the only report scheduled for release on Wednesday, and its impact is generally minimal. The weekly report on oil inventories is also due and could move the markets. Excerpts from the speeches made this evening by Fed officials might also have a major impact on trading Wednesday. If FOMC members continue with hawkish comments regarding inflation and the potential for more rate hikes, this would keep upward pressure on Treasury yields and mortgage rates.
At 4 p.m. EDT, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:
The 30-year Conventional Fixed-Rate Mortgage was at 5.752 percent from 5.712 percent at Monday's close.
The 15-year Conventional Fixed-Rate Mortgage was at 5.358 percent from 5.335 percent at Monday's close.
Coming Up:
The Institute of Supply Management's (ISM) index on non-manufacturing conditions in September, i.e., the service sector, is the only report scheduled for release on Wednesday, and its impact is generally minimal. The weekly report on oil inventories is also due and could move the markets. Excerpts from the speeches made this evening by Fed officials might also have a major impact on trading Wednesday. If FOMC members continue with hawkish comments regarding inflation and the potential for more rate hikes, this would keep upward pressure on Treasury yields and mortgage rates.
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