The Atlanta Journal-Constitution
Mortgage rates head back up
Mortgage rates moved higher this week for the first time in more than a month. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.41 percent with an average 0.5 point. It was 4.35 percent a week ago and 4.46 percent a year ago. Economy on good footing
The 15-year fixed-rate average rose to 3.83 percent with an average 0.4 point. It was 3.77 percent a week ago and 3.94 percent a year ago.
The five-year adjustable rate average increased to 3.87 percent with an average 0.3 point. It was 3.84 percent a week ago and 3.63 percent a year ago.
Strong economic reports — gross domestic product figures and manufacturing data — helped push rates higher, according to Zillow economic analyst Matthew Speakman.
“Taken together, the releases offered evidence that the economy remains on good, if not strong, footing and prompted (long-term U.S. Treasury) yields to trend higher for the better part of two days,” Speakman said.
“Since then, however, this enthusiasm has tapered. Mixed messages on the advancements of U.S.-China trade negotiations have resulted in only mild rate fluctuations as markets await more definite signals from the meetings.”
Friday’s report
The yield on the 10-year bond jumped from 2.64 percent on Feb. 26 to 2.76 on March 1, an increase of 12 basis points in less than a week.
But following the sharp increase, yields fell back to 2.69 percent Wednesday.
Where mortgage rates are headed could depend on today’s closely watched employment report. Bankrate.com, which puts out a weekly mortgage rate trend index, found that half of the experts it surveyed say rates will remain relatively stable in the coming week. Elizabeth Rose, branch manager at Movement Mortgage, is one who predicts rates will hold steady.
“Mortgage rates are making a persistent move back to the range of prior weeks, which, if it holds, could result in slightly improved rates,” Rose said. “On the other hand, the jobs report is due Friday, which is an important report and always has potential to move interest rates either direction in a quick second.”