Mortgage rates continue to increase

by Francis Monfort11 Dec 2017
Mortgage rates rose during the week ending Dec. 7 but remained lower on a year-over-year basis, according to the Primary Mortgage Market Survey released by Freddie Mac.

Rates for the 30-year fixed-rate mortgage averaged 3.94%, with an average 0.5 point, an increase from the 3.9% average in the previous period. During the same week a year ago, the average rate was 4.13%.

The 15-year fixed-rate mortgage averaged 3.36%, with an average 0.5 point, up from 3.3% in the prior period. The average rate remained unchanged from the same week in 2016.

The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.35%, with an average 0.3 point, up from the 3.32% average in the previous period. A year ago at this time, the 5-year ARM averaged 3.17%.

"This week's survey reflects last week's uptick in long-term interest rates, with the 30-year fixed mortgage rate up four basis points to 3.94%,” Freddie Mac Deputy Chief Economist Len Kiefer said. “The 30-year mortgage rate has been bouncing around in a 10-basis-point range since September.

"While long-term rates have been relatively steady week-to-week, shorter-term interest rates have been on the rise,” Kiefer said. “The spread between the 30-year fixed mortgage and the 5/1 Hybrid ARM rate was 59 basis points this week, down 43 basis points from earlier this year. With a narrower spread between fixed and adjustable mortgage rates, more borrowers are opting for a fixed product. The MBA reported earlier this week that the ARM share of conventional mortgage applications was 16.7%, down from over 20% in the spring."


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