Mortgage Rates Keep Rising
WASHINGTON – Mortgage rates went up this week, for the fourth week in a row, as Treasury yields continued to climb.
The average for the 30-year, fixed-rate mortgage climbed to 4.61% this week, from 4.46% last week; while the average for the 15-year, fixed-rate rose to 3.96%, from 4.32%.
ARM rates also moved higher, with the average for the five-year ARM rising to 3.60%, from 3.49%; and the average for the one-year ARM inching up to 3.27%, from 3.25%.
Rates have been rising after steadily falling through October, helping mortgage rates set a string of record lows. The 10-year Treasury yield has surged from this year’s low of 2.332% in October – hitting a six-month high Wednesday – as many recent economic figures have been better than forecast and on fresh concerns about the U.S. government’s budget deficit.
Mortgage rates generally track Treasury yields, which move inversely to their price.