Freddie-Mac Chief Economist Reports Higher Mortgage Rates This Week

What are mortgage rates doing?

According to Frank Nothaft, Vice President one of the two giant mortgage purchasers, Freddie-Mac mortgage rates went up this week.  Rising yields in mortgage-backed securities have been driving mortgage rates higher.

Nothaft said, “Mortgage rates were up slightly this week, following the increase in 10-year Treasury yields, despite last week’s disappointing employment report. The U.S. economy added only 142,000 jobs in August, after a 212,000 gain in July and a 267,000 increase in June. The unemployment rate fell to 6.1 percent in August from 6.2 percent the previous month.”

As we have said before the roller-coaster world of geo-political events are also causing a lot of choppiness for mortgage rates. Until the world sttles down, they will remain that way for a while.

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