Average mortgage rates for the week ending November 18, 2016, are on the way up with the average 30-year going above 4% for the first time since 2015, according to the latest report from Freddie Mac.
The 30 year fixed mortgage averaged 4.03% with an average 0.5 point, higher the previous week’s average of 3.94%. A year ago at this time, the 30-year averaged 3.95%.
Average rates for the 15-year mortgage was at 3.25%, down from the week prior’s average of 3.14%. Last year’s average for the same time period was 3.18%.
5-year adjustable-rate mortgage (ARM) average rates was at 3.12%, an increase from the previous week’s average of 3.07%. A year ago, it averaged 3.01%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points. The 30-year mortgage rate followed suit, rising 9 basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent.”
The nation’s top lenders are reporting the following rates on their websites.
Bank of America is reporting its 30 year fixed is 4.125%, and the 15 year fixed is 3.375%. The 10/1 ARM is 3.375%, and the 5 year ARM is 3.00%.
Wells Fargo’s 30 year fixed mortgage purchase rate is 4.25%, and the 15 year rate is 3.50%. The 30 year fixed refi rate is 4.25%, and 15 year 3.50%.
The 30 year fixed purchase mortgage rate at Chase Mortgage is 4.00%, and the 15 year mortgage is 3.375%. The 30 year fixed refinance rate is 4.125%, and the 15 year is 3.375%.
The rates quoted above can change at any time and are not guaranteed. If you would like a custom rate quote and/or if you have any questions about which loan is best for you, please call me, Erik Sandstrom at 1-800-779-4547; or send me an email to Erik@LoansReduced.com.
You can also search for rates online using the widget below.