The average 30-year-fixed mortgage rate continues to trend upwards, rising by five basis points to 3.14% for the week ending Oct. 28, according to Freddie Mac’s latest PMMS survey.
Rates have risen roughly 20 basis points over the past month, and market observers believe that rise will continue.
Sam Khater, Freddie Mac’s chief economist, said in a statement that the yield on the 10-year Treasury has been increasing “due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages.”
“Mortgage rates are also rising, but purchase demand remains details ⇒
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