For the week ending December 10, Freddie Mac announced that 30-year fixed rates remained at 2.71% from the week before. The average for 15-year loans also remained the same at 2.26% and the average for five-year ARMs fell to 2.79%. A year ago, 30-year fixed rates averaged 3.73%, more than 1.00% higher than today. “Rates on home loans remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher. Mortgage spreads – the difference between rates on home loans and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s spread is about 1.8 percent and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels,” said Sam Khater, Chief Economist, Freddie Mac.
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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.