Mortgage rates rise for third straight week

Fixed mortgage rates rose for the third straight week after setting all-time lows, with the typical 30-year rate on a loan below $417K increasing from 3.59% to 3.62%.

The yield on the benchmark 10-year Treasury note closed at 1.8% Wednesday after bottoming out at 1.4% on July 24. The average 30-year fixed mortgage rate, hit an all-time low of 3.49% that same week. These rates are based on loans to solid borrowers who have 20% or higher downpayments or 20% equity in their homes if they are refinancing. Borrowers typically paid 0.6% of the loan amount in lender fees and discount points.

Source: LA Times

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