Mortgage rates rise sharply after three weeks of easing

Source: CNBC — 

Mortgage rates rose sharply this week, after pulling back over the last three weeks.

The 30-year fixed hit 5.36% Monday and then moved higher again Tuesday to 5.47%, according to Mortgage News Daily. Volatility in global markets Monday sent bond yields higher. Mortgage rates follow loosely the yield on the 10-year U.S. Treasury.

The average rate on the popular 30-year fixed loan ended last week at 5.25%. The average rate on the popular 30-year fixed loan ended last week at 5.25%. The last high, three weeks ago, was 5.67%, but the rate dropped as the stock market sold off and bond yields fell.