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December 6th, 2010

Mortgage rates rise last week



home finance Mortgage rates have been rising for the last few weeks, and that upward trend continued last week. While improving economic conditions are providing the foundation for firming rates, last week’s unemployment report did keep mortgage rates from rising even more than they did.

In addition to improving economic conditions was a rising 10-year Treasury yield which also helped push rates upward:

The 10-year Treasury, a benchmark for fixed-rate mortgages, crested above 3% [last] week, and has risen by nearly a half-percentage point from November’s daily low. In fact, the yield is the highest since July, and mortgage rates are following right along. Some dreams of low-rate refinancing have come to an end, at least for the moment.

How much did mortgage rates rise last week?

HSH.com’s overall mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — found that the average rate for 30-year fixed-rate mortgages moved eight basis points higher (.08%), ending HSH.com’s national survey at 4.86%, its highest value since early August. For low-down payment homebuyers or refinancers with only a slight equity position, FHA-backed loans are available at an average rate of 4.52%, while the overall average rate for 5/1 Hybrid ARMs rose three basis points to 3.66% for the week. HSH.com’s public mortgage interest rate data series include rates for conforming, jumbo, and most recently the GSE’s “high-limit” conforming products and so covers much of the mortgage-borrowing public.

While inconsistent economic reports have limited recovery and rising interest rates to some degree, every improving report (or at least non-declining report), “makes it more likely that the [economic] expansion will remain durable and less likely to backslide into recession.”

CLICK HERE to continue reading the latest issue of our Market Trends Newsletter, “Mortgage Rates Rise, Demand Perspective.”

HSH.com’s free Market Trends Newsletter, an in-depth analysis of various financial markets from the week prior, is published every Monday. Email subscribers receive it in their inbox Friday night, so sign up today! Also, be sure to check in with our Market Trends blog for all news relating to any weekly shift in mortgage rates.

2 Responses to “Mortgage rates rise last week”

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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