With the 10-year treasury yield trading down following the Fed’s first rate hike in nearly a decade, we were expecting the average 30-year mortgage rate to drop rather than rise.
And over the past week, the average rate for the benchmark 30-year mortgage ticked down 1 basis point to 3.96 percent with the average 15-year rate unchanged at 3.22 percent and the average rate for a 5-year ARM, at the short-end of the yield curve, up 3 basis points to 3.06 percent.