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    30-Year FRM Passes 4 Percent Mark

    Chris HamlerBy Chris HamlerDecember 13, 2016Updated:June 21, 2017No Comments2 Mins Read
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    30-year FRM passes 4 percent mark

    On the week following the US elections, mortgage rates spiked up, pulling the conventional 30-year fixed-rate mortgage (FRM) to a new threshold.

    According to Freddie Mac’s recent Primary Mortgage Market Survey, 30-year FRM topped 4 percent, a first since 2015. Meanwhile, 10-year Treasury yield also increased a likely telltale that mortgage rates would continue its march forward.

    The Report

    Conventional 30-year FRM averaged 4.03 percent on the week ending November 23. A 9 basis-point jump from last week’s 3.94 percent. During the same time a year ago, the median was at 3.95 percent.

    The 15-year fixed rate mortgage averaged 3.25 percent this week, another increase from the previous week’s 3.14 percent. Last year’s average at the same time was 3.18 percent.

    Meanwhile, 5-year Treasury-indexed hybrid adjustable rate mortgage reached an average of 3.12 percent. Last week, it was 3.07 percent. This increased as well from 2015’s 3.01 percent.

    Learn about today’s rates.

    Primary Mortgage Market Survey by Freddie Mac
    source: Freddie Mac

    The current 30-year FRM record is the highest since 2016.

    Mortgage rates are foreseen to take an upward momentum, especially with the policy changes supposed under the president-elect’s administration. With this factor in effect, it is thought that it would require another significant socio-political event (case in point: Brexit) to bring the rates back down.

    Learn about today’s rates.

    Chris Hamler
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