Mortgage Rates at Highest Averages of 2016
DAILY REAL ESTATE NEWS | FRIDAY, DECEMBER 02, 2016
For the fifth consecutive week, average fixed mortgage rates edged higher. The 30-year fixed-rate mortgage is now averaging above 4 percent.
"The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP,” explains Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate rose 5 basis points to 4.08 percent, rising a total of 51 basis points in three short weeks. With mortgage rates at the highest we've seen this year, borrowers are now backpedaling on refinance opportunities. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16 percent week over week."
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 1:
- 30-year fixed-rate mortgages: averaged 4.08 percent, with an average 0.5 point, rising from last week’s 4.03 percent average. Last year at this time, 30-year rates averaged 3.93 percent.
- 15-year fixed-rate mortgages: averaged 3.34 percent, with an average 0.5 point, increasing from last week’s 3.25 percent average. A year ago, 15-year rates averaged 3.16 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.15 percent, with an average 0.4 point, increasing from last week’s 3.12 percent average. A year ago, 5-year ARMs averaged 2.99 percent.
Source: Freddie Mac