Mortgage Rates Are in Hover Mode After Runup

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That’s how many times the average rate on the 30-year mortgage has changed direction in the last month, showing just how little borrowing costs are moving after a runup earlier in the year.

The average for the 30-year fixed mortgage, the most popular home loan, has stayed within a narrow band for months, mirroring closely-linked 10-year Treasury yields that have also bounced around a lot but without gaining much momentum in either direction. Data from more than 200 of the country’s top lenders showed the 30-year rising to 3.25% Tuesday, reversing course yet again after dropping to 3.21% the previous business day.

Treasury yields are heavily influenced by inflation fears and have kept borrowing costs on a pretty tight leash in the past couple of months amid rising consumer prices. The data from 200 lenders only dates back to April 20, but the average rate as measured by Freddie Mac has also hovered since late April, staying at about 3% after a steady rise in February and March pulled it off its record low of 2.65% on Jan. 7.

Mortgage rates—still quite low by historic standards—have helped buyers counteract a surge in home prices during the COVID-19 pandemic.

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