Mortgage rates stay high
3/10/2006
Although selling came in waves, interspersed by periods of calm, the bottom line was another increase in yields, which move in the opposite direction of prices. With yields at their highest levels since May 2004, lenders, who base their rates on yields, were forced to keep mortgage rates at present high levels.
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 6.109 percent, down from 6.126 percent on Thursday.
The 15-year conventional fixed-rate mortgage was at 5.751 percent, up from 5.743 percent on Thursday.
There are no releases scheduled for Monday, which will leave the markets to carry on from Friday or look elsewhere for guidance. Over the weekend and into Monday, mortgage rates should hold near present levels due to minor increases in Treasury yields.
Although selling came in waves, interspersed by periods of calm, the bottom line was another increase in yields, which move in the opposite direction of prices. With yields at their highest levels since May 2004, lenders, who base their rates on yields, were forced to keep mortgage rates at present high levels.
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 6.109 percent, down from 6.126 percent on Thursday.
The 15-year conventional fixed-rate mortgage was at 5.751 percent, up from 5.743 percent on Thursday.
There are no releases scheduled for Monday, which will leave the markets to carry on from Friday or look elsewhere for guidance. Over the weekend and into Monday, mortgage rates should hold near present levels due to minor increases in Treasury yields.
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