Mortgage rates moved higher for the ninth consecutive week, Freddie Mac said. Despite the recent jump in mortgage rates since the election, the annual average for the 30-year fixed-rate mortgage was 3.65% in 2016, the lowest annual average ever recorded in the Freddie Mac Primary Mortgage Market Survey going back to 1971.
The 30-year fixed-rate mortgage averaged 4.32%, up from last week when it averaged 4.3%. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.01%.
“On a short week following the Christmas holiday, the 10-year Treasury yield was relatively unchanged. The 30-year mortgage rate rose 2 basis points, closing the year with nine consecutive weeks of increases. As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017,” said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 3.55%, up from last week when it averaged 3.52%. A year ago at this time, the 15-year averaged 3.24%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.3%, down from last week when it averaged 3.32%, while a year ago it averaged 3.08%.