WASHINGTON–To the surprise of no one except perhaps those who have put off buying a house, mortgage rates have risen for a seventh consecutive week.
According to Freddie Mac’s latest data, which was reported prior to the Fed decision to raise rates:
- The 30-year fixed-rate mortgage (FRM) averaged 4.16% with an average 0.5 point for the week ending Dec. 15, 2016, up from one week earlier when it averaged 4.13%. One year ago the 30-year FRM averaged 3.97%.
- The 15-year FRM this week averaged 3.37% with an average 0.5 point, up from one week earlier when it averaged 3.36%. A year ago at this time, the 15-year FRM averaged 3.22%.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.19% this week with an average 0.4 point, up from last week when it averaged 3.17%. One year earlier the five-year ARM averaged 3.03%.
"As was almost universally expected, the FOMC closed the year with its one-and-only rate hike of 2016,” says Sean Becketti, chief economist, Freddie Mac, in a statement. “The consensus of the committee points to more rate hikes in 2017. However, the experience of this year combined with the policy uncertainty that accompanies a new Administration suggests a wait-and-see outlook.”