Rates were up in the past week. For the week ending December 7, Freddie Mac announced that 30-year fixed rates rose to 3.94% from 3.90% the week before. The average for 15-year loans increased to 3.36%. The average for five-year adjustables rose to 3.35%. A year ago, 30-year fixed rates averaged 4.13%, higher than today. Attributed to Sean Becketti, chief economist, Freddie Mac –“This week’s survey reflects last week’s uptick in long-term interest rates, with 30-year fixed rate loans up 4 basis points to 3.94 percent. The 30-year rate has been bouncing around in a 10-basis point range since September.”
Today, Janet Yellen will announce whether the Federal Reserve will raise rates this month by .25%. This affects all short term lending and bank to bank lending. It affects the Prime Rate which is what borrowers will have to pay back when obtaining short term (credit cards, auto loans, etc) financing.
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.