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Average rate on a 30-year mortgage in the US rises for 6th straight week
The average rate on a 30-year mortgage in the U.S. rose for the sixth straight week, returning to its highest level since early July.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also edged higher this week. Mortgage rates are influenced by several factors, including the yield on U.S. 10-year Treasury bonds, which lenders use as a guide to price home loans. “Rates and borrower demand will likely remain volatile in the coming weeks as financial markets digest both the election results and the Fed’s upcoming monetary policy decisions,” said MBA CEO Bob Broeksmit.
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