Average U.S. mortgage loan interest rates rose for the fifth straight week, Freddie Mac reported December 1, 2016.
"The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP," Freddie Mac chief economist Sean Becketti said. "The 30-year mortgage rate rose 5 basis points to 4.08 percent, rising a total of 51 basis points in three short weeks. With mortgage rates at the highest we've seen this year, borrowers are now backpedaling on [refinancing] opportunities. The latest weekly applications survey results from the Mortgage Bankers Association show refinance activity down 16 percent week over week."
The 15-year, fixed rate mortgage loan increased even more than the 30-year note. The 15-year loan averaged 3.34 percent with an average 0.5 point compared to 3.25 percent the previous week. During the same week last year the 15-year note averaged 3.16 percent.
The five-year adjustable-rate mortgage averaged 3.15 percent with an average 0.4 point compared to 3.12 percent last week and 2.99 percent last year.