by Calculated Risk on 8/13/2013 07:39:00 PM

From Zillow today: 30-Year Fixed Mortgage Rates Rise for Third Consecutive Week

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.31 percent, up from 4.28 percent at this same time last week.

The 30-year fixed mortgage rate hovered between 4.2 and 4.27 percent early last week before rising to the current rate this morning.

“Rates remained steady for the second week in a row, alleviating some concerns that they would continue the upward surge that began early this summer,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, although we expect continued volatility, we expect rates will remain fairly steady until a clearer picture emerges about the strength of the U.S. economic recovery.”

The ten year Treasury yield closed at 2.72% today, up from 2.61% yesterday - so mortgage rates will probably increase a little more. This will put another nail in the refinance boom coffin.

Wednesday:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:30 AM, the Producer Price Index for July will be released. The consensus is for a 0.3% increase in producer prices (0.2% increase in core).

• At 11:00 AM, the Q2 2013 Quarterly Report on Household Debt and Credit will be released by the Federal Reserve Bank of New York.