Rates were stable in the past week, despite the Fed’s move to increase short-term rates. For the week ending December 14, Freddie Mac announced that 30-year fixed rates fell one tick to 3.93% from 3.94% the week before. The average for 15-year loans remained at 3.36%. The average for five-year adjustables rose one tick to 3.36%. A year ago, 30-year fixed rates averaged 4.16%, almost 0.25% higher than today. Attributed to Sean Becketti, chief economist, Freddie Mac –“As widely expected, the Fed increased the federal funds target rate this week for the third time in 2017. The market had already priced in the rate hike, so long-term interest rates, including rates on home loans, hardly moved. Mortgage rates held relatively flat across the board, with the 30-year fixed rate inching down 1 basis point to 3.93 percent in this week’s survey. Rates on home loans have been in a holding pattern for the fourth quarter, remaining within a 10-basis point range since October.”
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.