Mortgage rates rose on a weekly basis, even as President Trump called for the Federal Reserve to take its target interest rates negative.
The 15-year fixed-rate mortgage jumped 9 basis points to an average of 3.09%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.36%, up 6 basis points.
Mortgage rates roughly track the direction of the 10-year Treasury note. The yield on the 10-year note has generally fallen since mid-August.
Low rates have provided a lifeline to the housing market throughout the last few months, as it has helped to ease affordability concerns among buyers. Mortgage applications for home purchases are up 9% from a year ago, according to the Mortgage Bankers Association.
“While there has been a material weakness in manufacturing and consistent trade uncertainty, so far, the American consumer has proved to be resilient with solid home-purchase demand,” Freddie Mac said Thursday.
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