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Mortgage Interest Rates Rise Slightly

Dec 11, 2017 9:47:39 AM

The average rate for U.S. mortgage interest rates increased slightly for the week ending December 7, 2017, according to Freddie Mac's weekly Primary Mortgage Market Survey.

U.S. average mortgage interest rates increased the week ending December 7, 2017. The 30-year, fixed rate mortgage loan increased to 3.94 percent, with an average 0.5 point. The 30-year note averaged 3.90 percent the previous week and 4.13 percent the same week in 2016. 

The 15-year, fixed rate mortgage rose to 3.36 percent, with an average 0.5 point, from 3.30 percent the previous week. A year ago the 15-year home loan also averaged 3.36 percent.  

"This week's survey reflects last week's uptick in long-term interest rates, with the 30-year fixed mortgage rate up 4 basis points to 3.94 percent. The 30-year mortgage rate has been bouncing around in a 10 basis point range since September," Len Kiefer, Freddie Mac's deputy chief economist, said. "While long-term rates have been relatively steady week-to-week, shorter-term interest rates have been on the rise. The spread between the 30-year fixed mortgage and the 5/1 hybrid [adjustable rate mortgage] 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 [adjustable rate mortgage] share of conventional mortgage applications was 16.7 percent, down from over 20 percent in the spring."

The 5-year, adjustable rate mortgage loan average 3.35 percent, with an average 0.3 point, up from 3.32 percent the previous week and 3.17 percent last year.

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Topics: Mortgage Rates & News

    

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