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Mortgage rates and Treasury yields are going up. Again.
According to Freddie Mac’s weekly Primary Mortgage Market Survey, this week represented the seventh consecutive weekly mortgage rate increase.
Additionally, the rate on a 30-year fixed rate mortgage rate now stands at 5.11% The fixed rate mortgage has increased by 2.14 percentage points since last April, according to Freddie Mac.
Rates also continued to climb on 15-year fixed rate mortgages and adjustable rate mortgages.
Rates on 15-year fixed rate mortgages now stand at 4.38%, an increase of 2.09 percentage points from a year ago. Adjustable rate mortgages rose to 3.75%, a .92 percentage point increase from a year ago.
Sam Khater, Freddie Mac’s chief economist, said that the upswing in mortgage rates has caused some volatility in demand for housing, which is typically strong in the springtime.
While it continues to be a seller’s market, Freddie Mac officials said, those who are still interested in buying a home may find that competition has “moderately softened.”