Good news on the rate front for homeowners

There was little good news on the rate front for homeowners looking to refinance or potential homebuyers. The selloff in the Treasury market and the continuing widening of risk premiums on mortgage bonds has pushed 30-yr rates to 5.46% from 5.35% on Thursday, according to bankrate.com. This is a sharp and sudden increase from the below 5% these rates averaged most of last month buoyed by the Fed’s support. This week, Freddie’s survey of banks showed an average rate of 5.29% on 30-year conforming loans.