Mortgage Rates Continue to Climb: Freddie Mac

Mortgage

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%.

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