Mortgage rates remain flat on mixed economic news
Mixed economic news kept mortgage rates just above 4% for the third consecutive week, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 4.05% for the week ending May 11, up from last week when it averaged 4.02%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.57%.
"The 10-year Treasury yield jumped 8 basis points this week while the 30-year mortgage rate rose 3 basis points. Mixed economic reports over the last few weeks have anchored the 30-year mortgage rate around the 4% mark," said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 3.29%, up from last week when it averaged 3.27%. A year ago at this time, the 15-year averaged 2.81%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.14%, up from last week when it averaged 3.13%. At this time last year, it averaged 2.78%.