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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:
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.
