Mortgage rates were up slightly in today’s Freddie Mac Weekly Survey. The 30 Year Fixed Rate Mortgage was at 5.30% in today’s Freddie Mac survey and the 15 Year Fixed Rate Mortgage was at 4.48%. Last week, the Federal Reserve raised the Fed Funds Rate target by 0.50% and said it will begin to liquidate mortgage and treasury securities in June. All indications also point to at least another half-point fed funds rate increase next month.
Interest rates have been up and down during the week due to volatility in the bond markets. Today, the yield on the 10 year treasury bond is significantly off its recent peak, which may be signaling a short-term reprieve from the recent steep increases in mortgage rates. It will be interesting to see how yields are affected once the Federal Reserve starts selling its mortgage bond and other holdings in a few weeks.
Freddie Mac’s Weekly Survey was released this morning with its most recent assessment of the mortgage rate landscape. See the details of their survey below.
(dynamic chart with current info)