Conforming mortgage rates were unchanged this week even as the 10-year Treasury's yield rose in response to the European Central Bank's decision to slow its bond purchase program, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.42%,
"The 10-year Treasury yield leaped to a two-week high following reports of the European Central Bank retreating from its bond-buying program ahead of its initial March deadline. In contrast, the 30-year fixed-rate mortgage remained unchanged," said Sean Becketti, chief economist at Freddie Mac.
"Over the past two weeks, mortgage rates have remained fairly flat while Treasury yields have fallen and risen. This Friday's jobs report will provide clarity on whether or not mortgage rates follow the recent upward trend in Treasury yields," he added.
The 15-year fixed-rate mortgage averaged 2.72%, also unchanged from last week. A year ago at this time, it averaged 2.99%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.8%, down from last week when it averaged 2.81%, while a year ago it averaged 2.88%.
