On the 1st of March, mortgage rates moved quickly higher, bringing them to levels not seen since early February. It continues to be the case that context is important when discussing rate movement during that time. In fact, early February was approximately when rates leveled-off after a strong move lower to begin 2016. Everything has transpired in a range between the rates seen on February 5th and February 11th.
Mortgage rates continued farther into to the highest levels since early February yesterday. The current territory is important in the bigger picture, as it has historically acted as a line in the sand between the lowest rate range and everything else. This refers to conventional 30yr fixed mortgage rates between 3.375% and 3.625%. The analogous 10yr Treasury yield would be 1.84% and below.
With that in mind, 10yr Treasury yields ended the day at 1.84% and today’s most prevalent conventional 30yr fixed rate quote is right on the edge of a move back up to 3.75% after a stable run at 3.625%.
First Community Mortgage of Franklin reports that the current rate for a 30 year fixed mortgage is down .07% from last week.
Some of the latest, local mortgage rates according to Bankrate.com are:
|Wilson Bank & Trust||3.770%|
* The above mortgage loan information is provided to, or obtained by, Bankrate. The rate is based on 30 year fixed rate mortgage and a loan of $300,000. Rates change often an your personal rate may differ from the above number based on your qualifications. To see more rates from Bankrate, click here.
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