Mortgage rates on average took a ‘breather’ from their year-end sprint this week, with the 30-year fixed-rate mortgage averaging 4.20 percent with an average 0.5 point, down from last week’s 4.32 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®).
“The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent,” says Sean Becketti, Freddie Mac chief economist. “This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week’s breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll—the [Mortgage Banker Association]’s refinance index plunged 22 percent this week.”
The 15-year fixed-rate mortgage averaged 3.44 percent with an average 0.5 point this week, also down from last week’s 3.55 percent, according to the survey. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.33 percent with an average 0.4 point, up from last week’s 3.30 percent.
Mortgage rates surpassed 4 percent for the first time since 2015 in November, continuing to climb through the end of the year.
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