Industry reports showed mixed results for mortgage rate trends during the week ending Thursday, Dec. 29.
According to Freddie Mac's Primary Mortgage Market Survey, the 30-year and 15-year fixed-rate mortgages both increased compared to the week before:
Sean Becketti, Freddie Mac's chief economist, noted that this marks the ninth straight week of mortgage rate increases. While Bankrate's Rate Trend Index shows industry experts evenly torn between rates decreasing and staying the same in the week ahead, Freddie Mac predicts that in the year to come, rising home prices and residential mortgage rates will cause some concern.
Bankrate also showed the 15-year fixed-rate mortgage rising to 3.34%, up from 3.32% the week before. However, the company's data showed the 30-year fixed-rate mortgage, as did NerdWallet, which was comparing rates to Wednesday, Dec. 28:
All three companies showed the 5/1 adjustable-rate mortgage fell during the week ending Thursday, Dec. 29. It landed at:
As we move forward into 2017, prospective homebuyers may want to make a move on securing a mortgage. With the Fed's recent decision to increase rates, combined with the upward trend rates have taken since Trump's election, these low rates may soon be a thing of the past.
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