Mortgage rates ticked up slightly this week as yields on the 10-year Treasury note made a move higher, but the overall move came as investors seemed to sell of safe-haven assets.
Mortgage rates — based on a combination of two-year Treasury yields and 30-year fixed-rate mortgages — rose to 3.19 percent from 3.18 percent the week before, according to data from Trulia Mortgage Services. As yields on the Treasury bond soared last week, the spread between 10-year yields and 30-year rates edged downward. As a result, investors sold bonds for a step up in yields.
The average 30-year mortgage rate climbed to 3.26 percent from 3.22 percent the previous week, according to Trulia.
“The move in 10-year yields has put us in a position where rates have increased, but the latest moves by the Fed indicate there might be a little more cushion in the curve ahead,” said Paul Topol, chief economist at HSH Associates in Stamford, Connecticut.
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