Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week. This week’s survey shows the 30-year fixed rate inching up to 3.56 percent, only 2 basis points above last week’s average. The low rates continue to be good news for the housing market.

The 10-year Treasury yield continued its free fall this week as global risks and expectations for the Fed’s June meeting drove investors to the safety of government bonds. The 30-year mortgage rate responded by falling 6 basis points for the second straight week to 3.54 percent–yet another low for 2016.

Growing optimism about the state of the economy was quickly erased with May’s employment report. The disappointing release caused an immediate flight to quality resulting in the 10-year Treasury yield dropping 10 basis points on Friday. The 30-year fixed-rate mortgage responded by falling 6 basis points to 3.60 percent. This week marks the 10th consecutive week the 30-year rate has averaged under 3.7 percent, allowing an extended window for homebuyers to take advantage of these historically-low borrowing costs.

Since jumping 11 basis points on May 18th, the 10-year Treasury yield has leveled-off around 1.85 percent. Mortgage rates continue to adjust to this new level with the 30-year fixed rate inching up another 2 basis points this week to 3.66 percent.

U.S. Treasury yields moved up in response to the Fed minutes release, which kept alive the possibility of a summer rate-hike. Mortgage rates followed, with the 30-year fixed-rate mortgage increasing 6 basis points to 3.64 percent. Despite this increase, May ends the month averaging only 3.60 percent, 1 basis point below April’s average, and the lowest monthly average in 3 years.

The 10-year Treasury yield saw minimal movement over the past week, despite encouraging news from April’s consumer spending and CPI data. Accordingly, the 30-year mortgage rate moved up just 1 basis point from its 2016 low to 3.58 percent.

Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8 percent since late March. As a result, the 30-year mortgage rate fell 4 basis points to 3.57 percent, a new low for 2016 and the lowest mark in 3 years.

The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower. As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.

The April 28 release of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results shows mortgage rates inching higher. The 30-year mortgage rate jumped 7 basis points to 3.66 percent, responding to higher Treasury yields this week.

April 21 results of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) show mortgage rates little changed. Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize. As a result, the 30-year mortgage rate was mostly flat, up only 1 basis point to 3.59 percent.