A slight drop in reported 30 year mortgage rates by Freddie Mac continues to show a short term decline in rates. With last weeks rise in 10 year treasuries, there was a possibility that we may have seen a slight increase, but this did not happen and we have experienced 3 continued weeks of either steady or declining rates.
With many people expecting to see a full percentage rise in rates from the first of the year, this current pattern might put a lid on the overall increases and keep reported rates under 4.9%, short of those expectations.
Rocky markets this week with equity sell offs and a drop in the rate on the 10 year treasury (2.83% as of the writing of this article) will likely keep rates from bumping higher, at least in the short term.
Although Freddie Mac attempts to provide reliable, useful information in this document, Freddie Mac does not guarantee that the information is accurate, current or suitable for any particular purpose. Estimates contained in this document are those of Freddie Mac currently and are subject to change without notice.