Mortgage rates rose sharply this week, after pulling back over the last three weeks.
The 30-year fixed hit 5.36% Monday and then moved higher again Tuesday to 5.47%, according to Mortgage News Daily. Volatility in global markets Monday sent bond yields higher. Mortgage rates follow loosely the yield on the 10-year U.S. Treasury.
The average rate on the popular 30-year fixed loan ended last week at 5.25%. The average rate on the popular 30-year fixed loan ended last week at 5.25%. The last high, three weeks ago, was 5.67%, but the rate dropped as the stock market sold off and bond yields fell.
The jump Tuesday was likely due to data released from the U.S. Manufacturing Index.
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