On the first day of September, mortgage rates continued to rise, following the trend of the 10-year Treasury yield. According to Freddie Mac, the 30-year fixed mortgage rate inched up to 5.66% from 5.55% the previous week.

Nevertheless, rates may rise even further in the following week. It took a few days for the bond market to react. While the 10-year Treasury yield – an indicator for mortgage rates – dropped after the Fed's announcement about additional rate hikes to follow, bond yields rose in the following days as investors were digesting the Fed's policy.

Freddie Mac reported the following national averages for the week ending Sept. 1:

*30-year fixed-rate mortgages: averaged 5.66%, with an average 0.8 point, increasing from last week’s 5.55% average. Last year at this time, they averaged 2.87%.

*15-year fixed-rate mortgages: averaged 4.98%, with an average 0.8 point, rising from last week’s 4.85% average. A year ago, they averaged 2.18%.

Source: Nadia Evangelou, senior econo