3
EZTHE WASHINGTON POST.
SATURDAy, NOVEMbER 9, 2019gage r ates have b een driven b y the
U.S.-China trade talks. Rates
swooned late last week when
doubts arose over a tentative p act.
But news earlier this week that
both sides were considering roll-
ing back some of the tariffs is
causing rates to rise again. That
news, which came too late to be
factored into t he Freddie Mac sur-
vey, prompted yields on the 10-
year Treasury, which had dropped
to 1.69 percent on Oct. 31, to re-
bound to 1.86 percent on Tuesday.
Mortgage rates tend to follow the
same path as long-term bonds.
When yields r ise, rates tend t o also
go u p.
“A bsent any surprises in eco-nomic data, I expect that rates
should be slightly improved over
the next w eek as questions remain
over trade,” said Jim Sahnger, a
mortgage planner with C2 Finan-
cial. “Should a deal be struck
though, all b ets are o ff.”
Bankrate.com, which puts o ut a
weekly m ortgage rate trend index,
found the experts it surveyed
nearly divided on where rates are
headed. About half say rates will
move higher in the coming week.
But others say they will remain
about the s ame.
Greg McBride, chief financial
analyst with Bankrate.com, ex-
pects them to rise.
“The economic glass is sudden-
ly half-full, giving a boost to bond
yields and mortgage rates,” he
said.
Elizabeth Rose, a certified
mortgage p lanning specialist with
AmCap Home Loans, predicts
they w ill hold steady.
“Mortgage b onds h ave been in a
battle the last few days and the
pressure continues a s stocks r ally,”
she said. “A lthough it isn’t a done
deal, t he U. S.-China trade d eal sig-
nals a potential boost for growth
around the globe. This would be a
head wind for mortgage bonds
along with increased inflation ex-
pectations in t he markets.”
Meanwhile, mortgage applica-
tions were flat again last week.
According to the latest data from
the Mortgage Bankers Associa-
tion, the market composite index— a measure of total loan applica-
tion volume — decreased 0.1 per-
cent from a week earlier. The refi-
nance index ticked up 2 percent,
while the purchase index fell 3percent.
The refinance share of mort-
gage activity accounted for 59.5
percent of all applications.
[email protected]BY KATHY ORTONAfter three weeks of increases,
mortgage rates fell back this week
— but it looks to be only a tempo-
rary d ecline.
According to the latest data re-
leased Thursday by Freddie Mac,
the 30-year fixed-rate average slid
to 3 .69 percent with an average 0.5
point. (Points are fees paid to a
lender equal to 1 percent of the
loan amount and a re i n addition t o
the interest rate.) It was 3.78 per-
cent a week a go a nd 4 .94 percent a
year ago.
The 15-year fixed-rate average
dropped to 3.13 percent with an
average 0.4 point. It was 3.19 per-
cent a week a go a nd 4 .33 percent a
year ago. The five-year adjustable
rate average slipped to 3.39 per-
cent with an average 0.3 point. It
was 3.43 percent a week ago and
4.14 p ercent a year ago.
More than anything else, mort-
Across
the board,
figures fall
for now
Mortgage Rates
0123456Source: Freddie MacWeekly averages for
popular mortgage types3.13THE WASHINGTON POST6%45321’18 ’193.6930 -YEAR FIXED
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