U.S. treasury bond yields much higher - The 10-year treasury bond closed the week yielding 1.90%, up from 1.55% last week. The 30-year treasury bond yield ended the week at 2.37%, up from 2.02% last week. We watch treasury bond yields because mortgage rates often follow bond yields.
Mortgage rates higher this week - The September 12, 2019 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 3.56% up from 3.49% last week. The 15-year fixed was 3.06%, up from 3.00% last week. The 5-year ARM was 3.36%, up from 3.30% last week. Unfortunately, rates rose sharply on Thursday and Friday after the survey. Next week’s 30-year will be almost 4%.
Housing numbers should be released next week for August home sales.