Freddie Mac is reporting that it's 30-year fixed-rate mortgage rate for the week rose to 6.30% from 6.26% last week and snaps a string of 8 weeks where the yield either stay the same or moved lower. During that time, the yield moved from 6.75% to 6.26%.
Although the move to 6.3% is not that significant, the backup in yields more recently may lead to a further move higher in 30-year mortgages going forward.
Since September 17, the 10 year yield which is the proxy for the 30 year mortgage rate has risen from a low of 3.99% to the current rate of 4.18%. Today the yield is up 3.0 basis points.
