Mortgage rates
In the six days between June 28 and July 2, the 10-year Treasury rose 15 basis points to 4.44%. But by 11 a.m. those dropped by 10 basis points on weaker-than-forecast economic data, particularly around private sector jobs.
The 30-year fixed rate mortgage averaged 6.95% on July 3, up from 6.86% six days prior and 6.81%
The survey was released a day early and adjusted for the July 4 Independence Day holiday.
"Both
The 15-year FRM also increased by 9 basis points to 6.25%, from last week's 6.16%. It is also 1 basis point higher than where it was for this period last year, when it was 6.24%.
Zillow's rate tracker had the 30-year FRM at 6.78% on Wednesday morning, down 1 basis point on the day, but up 14 basis points from the previous week's average.
Lender Price data posted on the National Mortgage News website was back over 7% at that same time, to 7.023%, compared with 6.995% six days earlier.
The increase in the 10-year Treasury earlier in the week should not necessarily translate to higher mortgage rates, said Eric Hagen, analyst at BTIG, in a July 2 mortgage finance roundup report.
"With
Going forward, Hagen said forecasting non-bank originations was "sensitive" because of banks ceding market share, no matter where rates are, as a result of "the more
That would lead to those banks having to hold more capital against unused warehouse lines of credit, "which could deliver a disproportionate impact to smaller depositories and other lenders," he continued.