Mortgage Rates Climb to 2016 High

Mortgage Rates Climb to 2016 High
Article by Daily Real Estate News | December 9, 2016

mortgagerates150x124Fixed-rate mortgages were once again on the way up this week, marking the sixth consecutive month for increases. The 30-year fixed-rate mortgage, the most popular option among home buyers, reached a new high for the year.

“The 30-year mortgage rate rose another 5 basis points to 4.13 percent, starting the month 18 basis points higher than this time last year,” says Sean Becketti, Freddie Mac’s chief economist. “As rates continue to climb and the year comes to a close, next week’s [Federal Reserve Board] meeting will be the talk of the town with the markets 94 percent certain of a quarter-point-rate hike.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 8:

  • 30-year fixed-rate mortgages averaged 4.13 percent, with an average 0.5 point, increasing from last week’s 4.08 percent average. Last year at this time, 30-year rates averaged 3.95 percent.
  • 15-year fixed-rate mortgages averaged 3.36 percent, with an average 0.5 point, increasing from last week’s 3.34 percent average. A year ago, 15-year rates averaged 3.19 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.17 percent, with an average 0.5 point, rising from last week’s 3.15 percent average. A year ago, 5-year ARMs averaged 3.03 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 110916

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Author: Kenneth Bargers

REALTOR®, Tennis Player, Titans & Vols Fan, Nashvillian... let's connect on Instagram, LinkedIn, Pinterest adn Twitter. Learn more about me at http://www.bargers-solutions.com/about-me

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s