The 30 year fixed mortgage is slowly on the rise, according to the latest report from Freddie Mac for the week ending December 28, 2017.
Freddie said that the 30 year fixed mortgage rate averaged 3.99% with an average 0.5 point, an increase from last week’s report when the 30 year was 3.94%. It was at a 4.32% average for the same time period last year.
Average rates for the 15-year mortgage was at 3.44%, higher than the previous week’s average of 3.38%. Last year’s average for the same time period was 3.55%.
5-year adjustable-rate mortgage (ARM) average rates were 3.47%, with an average 0.5 point, down from last week’s average 3.39%. A year ago, the 5-year ARM averaged 3.30%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“As we expected, mortgage rates felt the effect of last week’s surge in long-term interest rates in the final, shortened week of 2017. The 30-year fixed mortgage rate increased 5 basis points to 3.99 percent in this week’s survey. Although this week’s survey rate represents a five-month high, 30-year fixed mortgage rates are still below the levels we saw at the end of last year and early part of 2017. Mortgage rates have remained relatively low all year.”
Here are the rates from some of the nation’s top lenders.
Bank of America’s 30-year fixed is 4.00% and the 15-year mortgage is 3.50%. The 10/1 ARM is 3.625% and the 5/1 ARM is 3.375%.
Today at Wells Fargo, the 30-year fixed mortgage purchase rate is 4.00% and the 15-year fixed is 3.625%. The 30-year refinance rate is 4.25% and the 15-year mortgage is 3.75%.
Chase Mortgage is reporting its 30-year fixed rate for the purchase mortgage rate is 3.75% and the 15 year is 3.375%. 30-year fixed mortgage refinance rates are at 3.875% and the 15-year fixed is at 3.375%.
The rates quoted above are reported directly from the lender’s website. They can change at any time and are not guaranteed. If you would like a live rate quote and/or to lock in a mortgage rate, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.