Getty Businessman Ready For Higher Interest Rates
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The main fixed-rate mortgage rates were essentially unchanged on Thursday. The average 30-year mortgage rate rose one basis point, to 4.17%, which equates to a $487.27 monthly payment per $100,000 borrowed (one basis point equals a hundredth of a percentage point). A month ago, the equivalent payment would have been lower by $13.02.

The average 15-year mortgage was unchanged, at 3.32%, equating to a $706.08 monthly payment per $100,000 borrowed. A month ago, the equivalent payment would have been lower by $10.68.

Rate (National Average)

Today

One Month Ago

30-year fixed jumbo

4.64%

4.50%

30-year fixed

4.17%

3.95%

15-year fixed

3.32%

3.10%

30-year fixed refi

4.22%

3.98%

15-year fixed refi

3.34%

3.16%

5/1 ARM

3.52%

3.34%

5/1 ARM refi

3.70%

3.58%

5/1 ARM: ADJUSTABLE-RATE MORTGAGE WITH AN INITIAL FIXED FIVE-YEAR INTEREST RATE. DATA SOURCE: BLOOMBERG. RATES MAY INCLUDE POINTS.

Eight consecutive weekly increases push mortgage rates to new highs

Mortgage agency Freddie Mac today released the results of its Primary Mortgage Market Survey, which documented the eighth consecutive weekly increase in the main fixed-mortgage rates, achieving new highs for the year.

In fact, according to Freddie Mac's data, at an average rate of 4.30% for the week ended Dec. 22, the 30-year fixed-rate mortgage is higher than it has been since April 2014. At 3.52%, the 15-year fixed rate mortgage is higher than at any time since January 2014:

Images

These observations are consistent with data reported yesterday by the Mortgage Bankers Association, but as I noted then, the post-election spike in mortgage rates does not appear to be dissuasive to potential homebuyers.

Alex Dumortier, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.