Average mortgage rates rose across the board, with the 30-year fixed-rate mortgage averaging 3.99%, with an average 0.5 point. The average is an increase from 3.95% in the previous period but declined from the 4.12% average in the same period a year ago.
Rates for the 15-year fixed-rate mortgage averaged 3.44%, with an average 0.5 point, an increase from the 3.38% average in the previous period. The average also increased from the 3.37% average in the same week in 2016.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.46%, with an average 0.4 point, an increase from the 3.45% average in the prior period. A year ago at this time, the 5-year ARM averaged 3.23%.
"After dipping slightly last week, Treasury yields surged this week amidst sell-offs in the bond market,” Freddie Mac Deputy Chief Economist Len Kiefer said. “The 10-year Treasury yield, for instance, reached its highest point since March of last year. Mortgage rates followed Treasury yields and ticked up modestly across the board. The 30-year fixed-rate mortgage averaged 3.99%, up four basis points from a week ago."
Mortgage rates rise to five-month high
Mortgage rates continue to increase
Mortgage rates increased in the week ending Jan. 11 following sell-offs in the bond market, according to the Primary Mortgage Market Survey released by Freddie Mac.