Mortgage

Freddie Mac: Mortgage rates hit highest point this year

Up year-over-year for second week in a row

Mortgage rates increased yet again to their highest rate this year, causing many homeowners to hold off on refinancing.

“With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities,” Freddie Mac Chief Economist Sean Becketti said. “The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16% week over week.”

Click to Enlarge

12-1-16

(Source: Freddie Mac)

The 30-year fixed-rate mortgage increased to 4.08% for the week ending Dec 1, 2016. This is up from last week’s 4.03% and up from last year's 3.93%.

Similarly, the 15-year FRM increased to 3.34% this week, up from 3.25% last week and from 3.16% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.15%, up from both last week’s 3.12% and last year’s 2.99%.

“The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP,” Becketti said. “The 30-year mortgage rate rose five basis points to 4.08%, rising a total of 51 basis points in three short weeks.”

Latest Articles

Fannie and Freddie CEOs talk 2021 challenges, controversial 50 bps refi fee

Freddie Mac’s David Brickman and Fannie Mae’s Hugh Frater also offered their takes on challenges with affordable housing, racial disparities with homeownership, expectations for 2021 and – yes, you knew it was coming – the 50 bps adverse market fee that’s due to hit lenders doing refis beginning in December.

Oct 20, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please