Average mortgage rates jumped big time for the week ending November 17, 2016, according to the latest report from Freddie Mac. This is actually quite normal for this time of year. Last year we saw similar spikes during the holiday season.
The 30 year fixed mortgage averaged 3.94% over the week with an average 0.5 point, an increase from last week’s report when the average was 3.57%. It was at a 3.97% average for the same time period last year.
Average rates for the 15-year mortgage was at 3.14%, an increase from last week when it averaged 2.84%. Last year’s average for the same time period was 3.18%.
5-year adjustable-rate mortgage (ARM) average rates were at 3.07%, with an average 0.4 point, higher than last week when it averaged 2.88%. A year ago, the 5-year ARM averaged 2.98%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“Last week’s election fell in the middle of our survey week, making it impossible to determine how closely the mortgage rate would track the post-election sell-off in the Treasury market. This week, the verdict is in — over the last two weeks the 30-year mortgage rate jumped 40 basis points to 3.94 percent, almost identical to the 39 basis point increase in the 10-year Treasury yield. If rates stick at these levels, expect a final burst of home sales and refinances as ‘fence sitters’ try to beat further increases, then a marked slowdown in housing activity.”
The nation’s top lenders reported the following rates today.
Bank of America is reporting the 30 year fixed mortgage is 4.00%, and the 15 year fixed is 3.25%. The 10/1 ARM is 3.375%, and the 5 year ARM is 2.875%.
Purchase rates at Wells for the 30 year mortgage are at 4.125%, and the 15 year rate is 3.375%. The 30 year fixed refi rate is 4.25%, and 15 year is 3.375%.
Today at Chase mortgage, the 30 year fixed purchase mortgage rate is 3.875%, and the 15 year mortgage is 3.25%. Chase refinance rates for the 30 year fixed mortgage are 4.00%, and the 15 year is 3.25%.
The rates quoted above were taken from the lender’s website and can change at any time. They are not guaranteed.
If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik@LoansReduced.com.
You can also search online for the latest rate quotes using the widget below.