Mortgage rates moved upward during the week ended Dec. 7, with the average rate for a 30-year fixed-rate mortgage (FRM) reaching 3.94%, up from 3.9% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 4.13%.
The average rate for a 15-year FRM this week was 3.36%, up from 3.3%. A year ago at this time, the 15-year FRM averaged 3.36%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.35%, up from 3.32%. A year ago at this time, the five-year ARM averaged 3.17%.
“This week’s survey reflects last week’s uptick in long-term interest rates, with the 30-year fixed mortgage rate up four basis points to 3.94 percent,” says Len Kiefer, deputy chief economist for Freddie Mac, in a statement. “The 30-year mortgage rate has been bouncing around in a 10-basis-point range since September.”