The 30-year mortgage rate fell 2 basis points to 3.88 percent this week. However, the majority of this Primary Mortgage Market Survey® (PMMS®) was conducted prior to Tuesday’s sell-off in the bond market which drove Treasury yields higher. Mortgage rates may increase in next week’s survey if Treasury yields continue to rise.

Following last week’s sharp decline, the 10-year Treasury yield rose 3 basis points this week. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.90 percent. Mortgage rates are continuing to hold at year-to-date lows amidst ongoing economic uncertainty.

The 30-year mortgage rate rose 2 basis points over the week to 3.91 percent. However, Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak CPI release. If that drop in yields sticks, mortgage rates are likely to follow in next week’s survey.