Rates are currently on the decline with the 30-year fixed rate mortgage down 3 basis points at 3.13% and the 15-year fixed rate mortgage down 10 basis points at 2.50%.
Last week, Treasury yields hit their highest levels since June. Since then, they’ve moved down some, but whether they’ll stay in this range or break into a lower one will depend on what economic data comes out this week. This past Friday’s ISM Manufacturing Index showed the 16th straight month of growth, increasing from 59.9% to 61.1% in September. This brought yields higher. However, we’ll know more about rates and their current trajectory when Friday’s nonfarm payroll report is released. On the real estate side, construction spending was stagnant in August but up 8.9% year-over-year. Though a raw materials shortage might have dampened construction, an uptick in residential remodeling helped boost this statistic.