Since hitting a 2015 high of 3.87 percent last week, the average rate for a 30-year fixed mortgage has been relatively unchanged. But the 10-year Treasury yield, the basis for the 30-year mortgage rate, jumped around 10 basis points (0.10) this morning on strong jobs data.
And while the International Monetary Fund (IMF) is now pushing the Federal Reserve to wait until the first half of 2016 to start raising interest rates in order to avoid “trigger[ing] a greater than expected tightening of financial conditions or a bout of financial instability, causing the economy to stall,” the strong jobs data is increasing the odds that the Fed will act before the end of this year.