Mortgage Rates Jump Amid Bond Sell-Off
WASHINGTON – Mortgage rates surged this week from record lows last week amid a sell-off of all kinds of bonds.
The average for the 30-year, fixed-rate loan climbed to 4.39% this week, from 4.17% last week; while the average for the 15-year, fixed-rate mortgage rose to 3.76%, from 3.57%.
ARM rates were mixed, with the average for the five-year ARM rising to 3.40%, from 3.25% last week; and the average for the one-year ARM unchanged at 3.26%.
Rates have slumped for months, setting record lows in the process, as yields on Treasurys slid amid economic uncertainty. But yields jumped sharply the past week. Mortgage rates generally track the yields, which move inversely to Treasury prices.