According to Freddie Mac, the average rate for a 30-year fixed mortgage rose to 4.08 percent two weeks ago, up from 3.92 percent. This marks the first time in five months that that interest rate has been above 4 percent. The average 15-year fixed mortgage rate rose to 3.30 percent, up from 3.16 percent.
Interest rates tend to track the yield on the 10-year Treasury note. Because the economic outlook has been more buoyant in recent weeks, investors have shifted funds out of the less-risky T-bills and into the riskier stock market, leading to higher yields on the T-bill.
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