30-year mortgage rates back over 3 percent
The 30-year fixed mortgage rate crept above 3 percent last week for the first time since July, said Orla McCaffrey at The Wall Street Journal. While still low by historical standards — when average rates fell to 2.98 percent in the summer it was “their first time under the 3 percent mark in about 50 years of record keeping” — rates have been consistently ticking upward since January. “Mortgage rates tend to move in the same direction as the yield on the 10-year Treasury,” which recently hit its highest level in a year.
