The average mortgage interest rate in the United Stated increased for the first time in 2017 after three weeks on declines, according to Freddie Mac's Primary Mortgage Market Survey released January 26, 2017.
The average rate for the 30-year, fixed rate mortgage loan, with an average 0.4 point, for the week ending January 26, 2017, increased to 4.19 percent from 4.09 percent the previous week. During the same week last year, the 30-year home loan averaged 3.79 percent.
"The 10-year Treasury yield increased more than 10 basis points this week," Freddie Mac chief economist Sean Becketti said. "The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point jump. This week marks the first increase in the mortgage rate since December 29. The 2.8 percent decline in existing home sales in December is a reminder of the lack of homes for sale. According to the National Association of Realtors, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate."
The 15-year, fixed rate mortgage loan, with an average 0.4 point, averaged 3.40 percent, an increase from 3.34 percent from the previous week. During the same week in 2016, the 15-year note averaged 3.07 percent.
The 5-year, adjustable rate mortgage loan averaged 3.20 percent – an increase of just 1 basis point – for the week ending January 26, 2017, compared to 2.90 percent last year.