Mortgage rates reached a five-month high this week, with the average rate for a 30-year fixed-rate mortgage (FRM) rising to 3.99%, up from 3.94% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 4.32%.
For the week ended Dec. 28, the average rate for a 15-year FRM was 3.44%, up from 3.38%. A year ago at this time, the 15-year FRM averaged 3.55%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.47%, up from 3.39%. A year ago at this time, the five-year ARM averaged 3.3%.
“As we expected, mortgage rates felt the effect of last week’s surge in long-term interest rates in the final, shortened week of 2017,” says Len Kiefer, deputy chief economist for Freddie Mac, in a release. “The 30-year fixed mortgage rate increased five basis points to 3.99 percent in this week’s survey. Although this week’s survey rate represents a five-month high, 30-year fixed mortgage rates are still below the levels we saw at the end of last year and early part of 2017. Mortgage rates have remained relatively low all year.”