Mortgage Rates remain at higher levels 9-30
It was the worst quarter for U.S. Treasury securities in the last year. Prices fell as traders fretted about the recurrence of inflation, while yields, which move in the opposite direction of prices, climbed. The steady increase in yields over the past three months sent the rate on the 30-year fixed-rate mortgage to 5.667 percent, up from 5.375 percent on July 1.
Higher oil prices and repercussions from the recent hurricanes have continued to spawn inflationary pressure. Additionally, the Fed has vowed to keep raising short-term interest rates to contain this inflation. Fed rate hikes paired with inflation is the “worst case scenario” for bond traders, and it doesn't sit well with mortgage lenders, either. Higher yields have resulted in higher mortgage rates across the board.
The 30-year Conventional Fixed-Rate Mortgage was at 5.667 percent from 5.678 percent at Thursday's close.
The 15-year Conventional Fixed-Rate Mortgage was at 5.261 percent from 5.258 percent at Thursday's close.
Coming Up:
Over the weekend and into Monday mortgage rates will likely continue to move up in response to Friday's sell-off in the bond market.
Higher oil prices and repercussions from the recent hurricanes have continued to spawn inflationary pressure. Additionally, the Fed has vowed to keep raising short-term interest rates to contain this inflation. Fed rate hikes paired with inflation is the “worst case scenario” for bond traders, and it doesn't sit well with mortgage lenders, either. Higher yields have resulted in higher mortgage rates across the board.
The 30-year Conventional Fixed-Rate Mortgage was at 5.667 percent from 5.678 percent at Thursday's close.
The 15-year Conventional Fixed-Rate Mortgage was at 5.261 percent from 5.258 percent at Thursday's close.
Coming Up:
Over the weekend and into Monday mortgage rates will likely continue to move up in response to Friday's sell-off in the bond market.
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