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Mortgage rates remain relatively stable during last week of 2016

Industry reports showed mixed results for mortgage rate trends during the week ending Thursday, Dec. 29.
1/3/2017 11:15:39 AM

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:

  • The 30-year fixed-rate mortgage landed at 4.32%, up from 4.3% the week previous.
  • The 15-year fixed-rate mortgage settled at 3.55%, up from 3.52% one 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.

Residential mortgage rates fall

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:

  • The 30-year fixed rate mortgage ended at 4.16%, down from 4.17% the week before, according to Bankrate.
  • The 30-year fixed-rate mortgage concluded at 4.42%, down from 4.51% the day before, according to NerdWallet.
  • The 15-year fixed-rate mortgage landed at 3.85%, down from 3.87% the day before, according to NerdWallet.

All three companies showed the 5/1 adjustable-rate mortgage fell during the week ending Thursday, Dec. 29. It landed at:

  • 3.3%, down from 3.32% the week previous, according to Freddie Mac.
  • 3.5%, down from 3.52% the week previous, according to Bankrate.
  • 3.87%, down from 3.93% the day before, according to NerdWallet.

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.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.