Mortgage rates spend another week stuck almost 7%

Mortgage rates have increased slightly this week while treasury yields increased slightly.

The average mortgage rate of 30 years was 6.89% this week to Wednesday, compared to 6.86% a week earlier, according to Freddie Mac Data. The average mortgage rate at 15 years was 6.03% against 6.01%.

Treasury yields at 10 years old, which mortgage rates follow closely, have been jerky this week while markets continued to digest the retro-on-credit in the United States and implications with deficit of the republican tax plan.

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The yields have dropped slightly in recent days after President Trump has agreed to delay the European Union tariffs and that new data showed that consumer confidence had rebounded in May. They are currently around 4.43%, a level similar to last week.

Although mortgage rates remain slightly lower than what they were a year ago, many potential buyers are still struggling to find affordable options. Home contract signatures Founded in April, according to data from the National Association of Real Estate Agents published Thursday, testimony to the impact of high mortgage rates and recent market volatility.

“High mortgage rates will continue to pose significant challenges for home buyers,” said Realtor.com’s main economist Jake Krimmel in a statement.

Although the rates remained relatively high, mortgage requests to buy a house improved 3% this week until Friday, according to the Deathgage Bankers Association. The refinancing applications, on the other hand, fell by 7%.

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