DMO - Mortgage rates rise as positive vaccine news drives up Treasury yields

30-year fixed-rate mortgage averages 2.84% for the week ending Nov. 12, 2020 vs. 2.78% in the prior week and 3.75% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.The mortgage rate increase follows positive data coming out of a COVID-19 vaccine candidate trial, news that pushed up Treasury yields. On Monday, 10-year Treasury yield rose as high as 0.96% from about 0.77% on Friday."Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine," said Freddie Chief Economist Sam Khater. "Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand."15-year FRM averages 2.34% vs. 2.23% in the previous week and 3.20% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage averages 3.11% vs. 2.89% in the previous week and 3.44% a year ago.Mortgage-related ETFs: [[REM]],

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Mortgage rates rise as positive vaccine news drives up Treasury yields