Mortgage rates increased yet again, marking the fifth consecutive week of increases and hitting yet another new high for 2016.
“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% certain of a quarter-point- rate hike,” Freddie Mac Chief Economist Sean Becketti said.
The 30-year fixed-rate mortgage increased to 4.13% for the week ending Dec. 8, 2016. This is up from last week’s 4.08% and from last year’s 3.95%.
The 15-year FRM also showed an increase this week to 3.36%, up from 3.34% last week and 3.19% last year.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.17%, up slightly from last week’s 3.15%. It is also up from last year’s 3.03%.
“The 10-year Treasury yield dipped this week following the release of the Job Openings and Labor Turnover Survey,” Becketti said. “The 30-year mortgage rate rose another five basis points to 4.13%, starting the month 18 basis points higher than this time last year.”