After reaching record lows last week, mortgage rates increased in two weekly surveys. Freddie Mac’s (FRE) survey put the 30-year fixed-rate mortgage (FRM) at 4.81% with an average 0.7 point for the week ending Dec. 10, up from the previous week when it was a record low average of 4.71%. A year ago, Freddie Mac put the 30-year FRM at 5.47%. Bankrate.com’s survey of major banks and thrifts put the 30-year FRM at 5.04% with a 0.43 point, up from 5.01% the previous week. Freddie said the 15-year FRM also increased, from 4.27% last week to 4.32% with a 0.6 point this week. A year ago, it was 5.2%. Bankrate.com put the 15-year FRM average rate at 4.47%, up from last week’s 4.46%. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.26% with an average 0.5 point, up from last week’s rate of 4.19%, Freddie Mac said. The one-year Treasury-indexed ARM averaged 4.24 percent this week with an average 0.7 point, down slightly from last week when it averaged 4.25%. Bankrate.com put the five-year ARM at 4.55%, up from 4.52% a week ago. “Following an upbeat employment report, long-term bond yields rose slightly and fixed mortgage rates followed,” said Freddie Mac vice president and chief economist Frank Nothaft. “[R]ates on 30-year fixed mortgages are almost 0.7 percentage points below those at the same time last year. This translates into an $81 lower monthly payment on a $200,000 conventional mortgage.” Write to Austin Kilgore.
Mortgage Rates Rise off Record Lows
Most Popular Articles
Latest Articles
Zillow believes the evolution of the industry will only help it grow
“Of the approximately 1.5 million real estate license holders, many handle only one or two transactions a year. These are not our Premier Agent partners,” Zillow’s Rich Barton said.
-
All parties have settled the Sitzer/Burnett suit, so what’s next?
-
Longtime reverse mortgage leader Scott Norman appointed CEO of Texas MBA
-
Rates at 7% attract different types of borrowers, forcing lenders to rethink profit strategies
-
The unchanging
-
Opinion: Will new changes make houses more affordable?