Mortgage rates rise to five-month high

by Francis Monfort03 Jan 2018
Mortgage rates continued to move higher at the end of 2017, according to the Primary Mortgage Market Survey released by Freddie Mac for the week ending Dec. 28.

Rates for the 30-year fixed-rate mortgage averaged 3.99%, with an average 0.5 point, an increase from the previous average rate of 3.94%. Compared to the year-ago period, the average rate decreased from 4.32%.

The 15-year fixed-rate mortgage averaged 3.44%, with an average 0.5 point. The average increase from the 3.38% average in the prior period, but it declined compared to the 3.55% average in the same week a year ago.

The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.47%, with an average 0.3 point. The rate is up 3.39% in the previous period. A year ago at this time, the 5-year ARM averaged 3.30%.

"As we expected, mortgage rates felt the effect of last week's surge in long-term interest rates in the final, shortened week of 2017,” Freddie Mac Deputy Chief Economist Len Kiefer said. “The 30-year fixed mortgage rate increased five basis points to 3.99% in this week's survey. Although this week's survey rate represents a five-month high, 30-year fixed mortgage rates are still below the levels we saw at the end of last year and early part of 2017. Mortgage rates have remained relatively low all year."


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