Mortgage rates for 30-year and 15-year fixed loans, as well as 5/1 ARMs, increased for the third day in a row, according to a NerdWallet survey of mortgage rates published by national lenders Thursday morning.
The news that mortgage rates have risen for the third straight day doesn’t quite match up with Freddie Mac’s Thursday morning headline that 30-year fixed-rate mortgages fell to a new 2017 low, but even they acknowledge that their news is already behind the curve of current market conditions.
“The 30-year mortgage rate fell 2 basis points to 3.88% this week,” said Sean Becketti, chief economist of Freddie Mac, in a Thursday morning press release. “However, the majority of our survey was conducted prior to Tuesday’s sell-off in the bond market, which drove Treasury yields higher. Mortgage rates may increase in next week’s survey if Treasury yields continue to rise.”
Ten-year Treasury yields, which tend to mirror the movement of long-term mortgage rates, were up again Thursday morning. According to the NerdWallet survey, the 30-year fixed rate has not been this high since May 30, the 15-year hasn’t seen a level higher than 3.49% since May 17, and the 5/1 ARM rate hasn’t reached 3.90% since March 21.
MORTGAGE RATES TODAY, THURSDAY, JUNE 29:
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.