Mortgage Rates moved up 5 basis points from the previous weekly survey. For most of December they have been slightly below 4.500% and today the benchmark 30 year fixed rate came in at 4.470%. The popular 15 year mortgage rose 8 basis point to 3.510% The increase was no surprise to industry experts who are familiar with the ebb and flow of daily rate activity. Key economic indicators are up or showing positive trends, so while consumers would embrace lower rates, the reported rates are still very affordable.
End of Year Push
Many people are in full holiday mode. However, there are those trying to close their purchase or refinance transaction before the end of the year. So while the clock is ticking, they are playing the market by having pending transactions and haven’t locked in their rate. Today’s news might cause some jitters. At the end of November the same rate was available for 20 basis points less, and based on the rate trend, higher rates are forecast.
The rate data is one reliable source consumers use to gauge market conditions. It has become an industry standard. Freddie Mac purchases mortgages from lenders and sells them as security investments. Each week they poll their lender clients and the data is provided in the form of the weekly rate survey.
Historical rate data is here.