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2w ago

U.S. Mortgage Rates Creep Higher After Near Three-Month Lows

Recent upticks in 30-year purchase and refinance rates follow declines, highlighting the bond market’s role in keeping borrowing costs near multi-month lows.

FILE - This July 13, 2008, file photo, shows the Freddie Mac headquarters in McLean, Va. (AP Photo/Pablo Martinez Monsivais, File)
Mortgage refinancings are up.
Mortgage rates in US: A jumbo loan is a mortgage that's bigger than the loan limit set by the FHFA for that area.
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Overview

  • New 30-year purchase mortgage rates ticked up to 6.79% on Wednesday, slightly above the early April low.
  • Refinance rates for 30-year loans edged up two basis points to 6.97%, reversing a recent string of declines.
  • Weekly averages show a 0.65-point drop in the 30-year fixed rate to 6.61% and a 0.08-point fall in the 15-year fixed rate to 5.57%.
  • Jumbo 30-year rates held near 6.94%, little changed from last week’s average.
  • Mortgage rate movements continue to mirror shifts in 10-year Treasury yields and Fed policy expectations, with limited scope for sharp further declines.