MCLEAN, Va.—Freddie Mac said its Primary Mortgage Market Survey shows average fixed mortgage rates moved higher for the ninth consecutive week.
Yet despite the recent jump in mortgage rates since the election, the annual average for the 30-year fixed-rate mortgage was 3.65% in 2016, the lowest annual average ever recorded in the Freddie Mac PMMS going back to 1971, Freddie Mac said.
The data show:
- The 30-year fixed rate mortgage averaged 4.32% with an average 0.5 point for the week ending December 29 2016, up from last week when it averaged 4.30%. A year ago at this time, the 30-year FRM averaged 4.01%.
- The 15-year fixed-rate mortgage averaged 3.55% with an average 0.5 point, up from last week when it averaged 3.52%. A year ago at this time, the 15-year FRM averaged 3.24%.
- The five-year, Treasury-indexed hybrid ARM averaged 3.30% this week with an average 0.5 point, down from last week when it averaged 3.32%. A year ago, the 5-year ARM averaged 3.08%.
"On a short week following the Christmas holiday, the 10-year Treasury yield was relatively unchanged,” said Sean Becketti, chief economist with Freddie Mac. “The 30-year mortgage rate rose two basis points to 4.32%, closing the year with nine consecutive weeks of increases. As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017."