US Mortgage Rate for 30-Year Loans Continued Climbing Above 5% in Last Week of December
The average US mortgage rate for 30-year fixed-rate loans continued rising above 5% during the week ending December 31, according to the results of the latest weekly Primary Mortgage Market Survey (PMMS) published by Freddie Mac.
The increasing trend was manifested across all mortgage rates with the exception of 1-year ARM. More specifically, during the week ending on December 31, the average rate for 30-year fixed-rate mortgages increased to 5.14%, 9 basis points higher than the average rate of 5.05% registered by the survey in the previous week.
The average mortgage rate for 15-year fixed-rate loans increased also by 9 basis points from the rate registered in the previous week to reach 4.54%.
The average rates for adjustable rate mortgates (ARMs) registered diverse trends. In particular, the average mortgage rate for 5-year Treasury-indexed ARMs registered a weekly increase of 4 basis points to reach 4.44% , while the average rate for 1-year Treasury-indexed ARMs registered a weekly decrease of 5 basis points to reach 4.33%.
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