Having ticked up to 3.98 percent last week, the average rate for a 30-year mortgage had eased to 3.93 percent as of this morning but with an extra 0.1 points at origination (up from 0.7 to 0.8).
Over the past two days, however, the yield on the 10-year treasury has ticked up .24 percentage points and the yield on 30-year mortgage bonds has increased by .38 points, a reaction to Federal Reserve Chairman Ben Bernanke’s remarks concerning a tapering of the Fed’s Quantitative Easing program.
Last year at this time, the rate for a 30-year fixed mortgage averaged 3.66 percent. Since 1990, the rate for a 30-year fixed mortgage has averaged 6.75 percent, 8.67 percent since 1971.
∙ Fixed Mortgage Rates Tick Up To Near Two-Year High [SocketSite]
∙ Mortgage Rates Ease Slightly [Freddiemac]
∙ What’s The Treasury Got To Do With It? (Quite A Bit) [SocketSite]