After a Month of Mortgage Rate Increases, Rates Drop This Week

According to the latest Freddie Mac PMMS Mortgage Survey, the average 30-year-fixed mortgage rate declined one basis point this past week. This drop comes after nearly a month of consistent increases. The expectation is that mortgage rates will continue to move in concert with the 10-year Treasury yield. If the Federal Reserve continue to raise interest rates, there is a good chance mortgage rates continue to rise also.