The US 30-year mortgage rate inched above 5% in the week ending December 24, according to the results of the latest weekly Primary Mortgage Market Survey (PMMS) carried out by Freddie Mac.
In particular, during the week ending in December 24, the average rate for 30-year fixed-rate mortgages increased to 5.05%, representing an 11 basis-point increase from the average rate of 4.94% that was surveyed in the previous week. This was the first time that the US 30-year mortgage rate edged above 5% since the week ending 10/29/2009 when it averaged 5.03%.
In a similar fashion, the average rate for 15-year fixed-rate mortgages increased to 4.45%, representing a 7 basis-point rise from the average rate of 4.38% that prevailed in the previous week.
The average rate for 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) edged up to 4.40% , 3 basis points higher than the average rate of 4.37% that prevailed in the previous week.
Finally, the average rate for 1-year Treasury-indexed ARMs increased to 4.38%, 4 basis points higher than the average rate of 4.34% that was surveyed in the previous week.
Historical Average Weekly US 30-Year Mortgage Rate: 1/8/2009-12/24/2009
Sources: Freddie Mac, www.Property-Investing.Org
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