Mortgage rates continued their post-Trump-election-win-climb this past week, with the average rate for a 30-year fixed-rate mortgage (FRM) rising to 4.08%, up from 4.03% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey for the week ended Nov. 30.
A year ago at this time, the 30-year FRM averaged 3.93%.
The average rate for a 15-year FRM was 3.34%, up from last week when it averaged 3.25%. A year ago at this time, the 15-year FRM averaged 3.16%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.15%, up from 3.12%. A year ago, the five-year ARM averaged 2.99%.
“The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP,” says Sean Becketti, chief economist for Freddie Mac, in a statement. “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.”