Mortgage rates have once again moved higher as the weeks pass since the election, with the average 30-year fixed-rate mortgage now at 4.08 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate is up from 4.03 percent last week—the first time rates exceeded 4 percent this year.
“The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate rose five basis points to 4.08 percent, rising a total of 51 basis points in three short weeks. With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16 percent week-over-week.”
The 15-year fixed-mortgage rate, at the same time, averages 3.34 percent with an average 0.5 point, also up from last week’s 3.25 percent, according to the survey. The 5-year Treasury-indexed hybrid adjustable-rate mortgage moved up, as well, to an average 3.15 percent with an average 0.4 point, from 3.12 percent last week.
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