Mortgage rates head north
2/14/2006
Prices of Treasuries plunged and their yields, which move in the opposite direction of prices, soared, with the yield on the benchmark 10-year note closing at 4.61 percent - its first venture above 4.6 percent since mid-November. In response, mortgage rates, which follow Treasury yields, headed upward.
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 6.052 percent, up from 6.028 percent on Monday.
The 15-year conventional fixed-rate mortgage was at 5.62 percent, up from 5.607 percent on Monday.
Due to Tuesday's steep climb in Treasury yields, it is likely that mortgage lenders will be forced to increase rates on a number of mortgage products.
Prices of Treasuries plunged and their yields, which move in the opposite direction of prices, soared, with the yield on the benchmark 10-year note closing at 4.61 percent - its first venture above 4.6 percent since mid-November. In response, mortgage rates, which follow Treasury yields, headed upward.
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 6.052 percent, up from 6.028 percent on Monday.
The 15-year conventional fixed-rate mortgage was at 5.62 percent, up from 5.607 percent on Monday.
Due to Tuesday's steep climb in Treasury yields, it is likely that mortgage lenders will be forced to increase rates on a number of mortgage products.
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