It’s the first time since April that mortgage rates have increased for three straight weeks.
Mortgage rates rose yet again — illustrating how the Federal Reserve’s policy can have a somewhat limited effect on the mortgage market.
Despite the increase, the rate on the 30-year mortgage remains over a full percentage point lower than at this same time a year ago. That mortgage rates rose even though the Fed just announced yesterday its plans to cut interest rates isn’t a surprise. When the Federal Reserve adjusts interest rates, it is influencing short-term rates.
Mortgage rates, on the other hand, are longer-term interest rates. They generally track the direction of the 10-year Treasury note TMUBMUSD10Y, +1.55%. The 10-year Treasury yield rose in advance of the Fed’s decision, though it has moved lower since then.
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