It happened. Mortgage rates on average topped 4 percent heading into the Thanksgiving weekend, with the 30-year fixed-rate landing at 4.03 percent, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage the week prior shot up to 3.94 percent, up 40 basis points since the election.
“In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate followed suit, rising nine basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent.”
The 15-year fixed-rate mortgage also came in higher at 3.25 percent, up from 3.14 percent the week prior. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged higher, as well, at 3.12 percent.
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