According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. fixed mortgage rate moved higher for the eighth consecutive week in late December 2016.
Sean Becketti, Freddie Mac's chief economist said, "A week after the only rate hike of 2016, the mortgage industry digested the Fed's decision and this week's survey reflects that response. Following Yellen's speech last Wednesday, the 10-year Treasury yield rose approximately 10 basis points. The 30-year mortgage rate rose 14 basis points to 4.30 percent, reaching highs we have not seen since April 2014."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 4.30 percent with an average 0.5 point for the week ending December 22, 2016, up from last week when it averaged 4.16 percent. A year ago at this time, the 30-year FRM averaged 3.96 percent.
15-year FRM this week averaged 3.52 percent with an average 0.5 point, up from last week when it averaged 3.37 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.32 percent this week with an average 0.4 point, up from last week when it averaged 3.19 percent. A year ago, the 5-year ARM averaged 3.06 percent.
According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2016, mortgage applications in the U.S. decreased 4.0 percent from one week earlier.
According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. fixed mortgage rate moved higher for the sixth consecutive week. The 10-year Treasury yield dipped this week following the release of the Job Openings and Labor Turnover Survey.