Mortgage rates ticked up last week, helped along by a strong jobs report.
The average cost of a 30-year, fixed-rate home loan was 3.68 percent, up from 3.64 percent a week ago. At this time last year, the average rate was 3.86 percent, according to Freddie Mac.
Mortgages have been trending cheaper all year, even though the Federal Reserve raised its own short-term rates in December, stoking worry that mortgage rates would follow suit.
They haven’t. Typically, mortgages track the path set by 10-year Treasury bonds, which have plummeted as a result of global economic and financial volatility.
Treasuries have fallen so fast that they’ve left mortgage rates in the dust, a hint that home loans might still have farther to fall.
Yes, Treasuries did inch up last week after employers reported a bout of strong hiring in February–yields like to go up when there’s good news, and a stronger economy is good for everyone. But the pickup might be temporary, we’ll have to wait and see.
For now, borrowing costs are super low. And if you haven’t refinanced yet, it’s not too late.
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