Fixed mortgage rates this week hit their highest point this year, with the average rate for a 30-year, fixed-rate mortgage (FRM) reaching 4.13%, up from 4.08% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.95%.
During the week ended Dec. 8, the average rate for a 15-year FRM was 3.36%, up from 3.34% the previous week. A year ago at this time, the 15-year FRM averaged 3.19%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.17%, up from 3.15%. A year ago, the five-year ARM averaged 3.03%.
“The 10-year Treasury yield dipped this week following the release of the Job Openings and Labor Turnover Survey,” reports Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year mortgage rate rose another five basis points to 4.13 percent, starting the month 18 basis points higher than this time last year. As rates continue to climb and the year comes to a close, next week’s FOMC meeting will be the talk of the town, with the markets 94 percent certain of a quarter-point-rate hike.”