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.
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.