Mortgage Rates Hold
Treasuries prices fell, sending yields, which move in the opposite direction of prices, up. Some mortgage rates, which are based on Treasury yields, edged down a tick or two in response to Tuesday's rally, but most remain near previous levels.
The Mortgage Bankers Association reported a resurgence in mortgage applications for the week ended Dec. 2. Purchase applications rose 4 percent from the previous week, while refis were up a solid 7.6 percent - accounting for 41 percent of all applications.
At 4 p.m. EST on Friday, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:
The 30-year Conventional Fixed-Rate Mortgage was at 6.047 percent from 6.086 percent on Tuesday.
The 15-year Conventional Fixed-Rate Mortgage was at 5.61 percent from 5.638 percent on Tuesday.
The rise in Treasury yields today could influence mortgage lenders to edge rates back up to previous levels. And if concern about the upcoming Fed meeting persists, as it surely will, yields will likely remain high, as will mortgage rates.
The Mortgage Bankers Association reported a resurgence in mortgage applications for the week ended Dec. 2. Purchase applications rose 4 percent from the previous week, while refis were up a solid 7.6 percent - accounting for 41 percent of all applications.
At 4 p.m. EST on Friday, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:
The 30-year Conventional Fixed-Rate Mortgage was at 6.047 percent from 6.086 percent on Tuesday.
The 15-year Conventional Fixed-Rate Mortgage was at 5.61 percent from 5.638 percent on Tuesday.
The rise in Treasury yields today could influence mortgage lenders to edge rates back up to previous levels. And if concern about the upcoming Fed meeting persists, as it surely will, yields will likely remain high, as will mortgage rates.
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