After remaining relatively flat in the past few weeks, mortgage rates have finally decreased in APR. All ten of the programs offered this week decreased from the smallest decline being in the 30-year fixed conventional that fell by 1.1 basis points and the largest change being seen in the 30-year fixed jumbo program that dropped 23.7 basis points. The average among all ten programs was a decrease of a solid 9.3 basis points to the all programs’ APRs.
The Freddie Mac mortgage rate increased changing six basis point to an APR of 4.10%, this is above the APR a year ago when it was at a level of 3.64%. The 30-year conventional mortgage program tracked by this survey has only varied by 11 basis points since the beginning of the year, and rates have remained relatively flat and much higher than the rates tracked at this time last year.
“The 10-year Treasury yield remained relatively flat this week, while the 30-year mortgage rate fell 6 basis points to 4.1 percent. Since the beginning of the year, the 10-year Treasury yield has covered a 22 basis point range. The range of movement for the 30-year has been half that, just 11 basis points.”