Freddie Mac’s weekly report on mortgage interest rates remained steady for fixed rates for a third week in a row, although ARM rates were a bit higher. Overall mortgage interest rates remain low in the historical context and improving home affordability in spite of somewhat higher prices. Combined with secure employment and rising incomes, the housing market should benefit from continued active homebuying.
The 30-year fixed rate was 3.74% as of December 26, virtually unchanged from the 3.73% in the prior two weeks. For December to-date, the average is 3.72%, a small 2 basis points above the 3.70% for November.
The 15-year fixed rate was 3.19% for a third straight week. For December to-date, the average is 3.18%, also 2 basis points above the 3.16% in November.
The rate for a 5/1-year ARM was up 8 basis points to 3.45% as of December 26. For December to-date, the average was at 3.39%, 2 basis points below the 3.41% in November.
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