October Mortgage Market Report

After holding steady last week, rates ticked up this week. The 10-year Treasury yield rose 8 basis points, while the 30-year mortgage rate increased 2 basis points to 3.85 percent.

Mortgage rates recovered early in the week after hitting their highest levels in nearly 2 months last week.  But the passage of a House bill paving the way for an eventual tax bill sent rates and stocks higher on Thursday.  Then, an ultra-low reading of the unemployment rate and a surge in wage data kept rates under pressure on Friday.

Rates are now officially at 2-month highs, with the average lender quoting 4.0% on top tier conventional 30yr fixed scenarios.

Next week begins on Tuesday for markets and most mortgage lenders, due to Columbus Day on Monday.  Volatility remains a risk for rates.

 


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