The 10-year Treasury yield fell 8 basis points during the short week ending Thursday, Feb. 23, 2017, according to Freddie Mac's Primary Mortgage Market Survey. Despite this, conventional mortgage rates ticked up slightly amid an unlikely combination of trends that has become the norm in recent weeks.
Data from Freddie Mac showed:
NerdWallet also found mixed results in mortgage rate changes over the past week.
Bankrate's data showed more consistency, with all three closely watched mortgage products edging downward.
Freddie Mac Chief Economist Sean Becketti noted that economic uncertainty is likely the main contributor of mortgage rates stepping out of sync with Treasury yields. However, it's probable that the trend will end in the near future, with rates once again moving in tandem with yields.
"With continued strength in the stock market, look for interest rates to rise slightly over the next coming three weeks," Derek Egeberg, an Arizona-based branch manager for Academy Mortgage, said in response to Bankrate's Rate Trend Index.
One-third of the survey's respondents said they think rates will increase shortly, while half predict rates to stay more or less where they are now. In either case, the general consensus is that rates are at a low point now, which means prospective homebuyers or homeowners who want to refinance may benefit from moving quickly.
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.