Mortgage Rates Rise Again
Mortgage Rates Rise Again
Freddie Mac released its last weekly report on US mortgage rates on Friday, showing the average rate for a 30 year fixed rate loan rose from 4.81 percent to 4.86 percent, while the average rate for a 15 year fixed-rate loan went from 4.15 percent to 4.20 percent.
The rate for the 30 year loan represents a seven-month high, while the 15 year rate reached its highest level since June. Both mortgage types hit decade-lows in November. Mortgage rates are rising as the yield on Treasury bonds increase. As investors grow more confident in the economy, they are shifting capital out of the relatively safe government bonds and into riskier investments like stocks and futures. As mortgage rates react according to the yield on the 10-year Treasury note, this drives interest rates up.
Freddie Mac released its last weekly report on US mortgage rates on Friday, showing the average rate for a 30 year fixed rate loan rose from 4.81 percent to 4.86 percent, while the average rate for a 15 year fixed-rate loan went from 4.15 percent to 4.20 percent.
The rate for the 30 year loan represents a seven-month high, while the 15 year rate reached its highest level since June. Both mortgage types hit decade-lows in November. Mortgage rates are rising as the yield on Treasury bonds increase. As investors grow more confident in the economy, they are shifting capital out of the relatively safe government bonds and into riskier investments like stocks and futures. As mortgage rates react according to the yield on the 10-year Treasury note, this drives interest rates up.
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