Although home loan rates were obstinately charting their own path for a while, they have started to fall more in line with long-term bonds. Mortgage rates typically follow the movement of the yield on the 10-year Treasury. “For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent,” Sean Becketti, Freddie Mac chief economist, said in a statement. “Mortgage rates continue to move higher on positive economic news,” said Elizabeth Rose, branch manager Movement Mortgage. The MBA also released its mortgage credit availability index (MCAI) this week that showed credit availability increased in February.

Source: Washington Post March 09, 2017 15:22 UTC