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Mortgage rates head lower ahead of big decisions from Fed, Congress

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Economics, News

Mortgage rates head lower ahead of big decisions from Fed, Congress

By Andrea Riquier

Rates for home loans headed lower in the latest week as bond investors awaited certainty on big Washington policy initiatives.

The 30-year fixed-rate mortgage averaged 3.92% in the holiday-shortened November 22 week, mortgage provider Freddie Mac said Wednesday. That’s down three basis points compared to last week. The 15-year fixed-rate mortgage averaged 3.32%, up one basis point. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.22%, up from 3.21%.

Mortgage rates closely track bond yields, which have struggled to take flight as investors wait to see how tax reform efforts and an expected Federal Reserve December rate increase shake out. The benchmark 10-year Treasury TMUBMUSD10Y, +0.85%   yield declined four basis points during the week.

Lower rates for home loans are helping support the housing market, where outsize demand keeps pushing prices higher.

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