- With 10-year Treasury yields hitting seven-year highs, it’s no surprise that mortgage rates are following suit.
- 30 year fixed-rate mortgage average of 4.9% for the week ending October 11, 2018 climbs 19 basis points from the prior week, according to Freddie Mac’s primary Mortgage Market Survey. Last year at this time, the rate was 3.91%.
- “Rising rates paired with high and escalating home prices is putting downward pressure on purchase demand,” says Freddie Chief economist Sam Khater. Payments remain affordable due to the still low mortgage rate environment, the primary hurdle for many borrowers today is the down payment.”
SeekingAlpha.com, October 11, 2018