Mortgage rates increased yet again to their highest rate this year, causing many homeowners to hold off on refinancing.
“With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities,” Freddie Mac Chief Economist Sean Becketti said. “The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16% week over week.”
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage increased to 4.08% for the week ending Dec 1, 2016. This is up from last week’s 4.03% and up from last year’s 3.93%.
Similarly, the 15-year FRM increased to 3.34% this week, up from 3.25% last week and from 3.16% last year.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.15%, up from both last week’s 3.12% and last year’s 2.99%.
“The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP,” Becketti said. “The 30-year mortgage rate rose five basis points to 4.08%, rising a total of 51 basis points in three short weeks.”