The average 30-year fixed-rate mortgage rose to 2.87% for the week ending in August 12, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS.
The increase follows six consecutive weeks of mortgage rate declines. The week prior, mortgage rates slipped down to 2.77%, as the 10-year Treasury yields declined and fears over the Covid-19 Delta variant grew. This week, the 10-year Treasury rebounded slightly and mortgage rates followed suit.
According to Sam Khater, chief economist at Freddie Mac, the strong jobs report yielded higher rates.
“Following last Friday’s strong jobs report, which revealed broad based gains in details ⇒
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