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Mortgage rates hit a five-month high this week, ending the year slightly higher than where it started.
The latest version of Freddie Mac Initial survey of the mortgage market, Published on Thursday, showed that the average rate in benchmark 30-year fixed mortgage It increased to 6.85%, compared to last week's 6.72%. The average 30-year mortgage rate last year was 6.61 percent.
This week's increase was the highest for the 30-year loan since mid-July, when the rate was 6.89%, according to data from Freddie Mac. The lowest rate was this year 6.08 percent at the end of September, While the highest – 7.22% – was achieved at the beginning of May.
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“Mortgage rates rose for the second week in a row, rebounding after easing earlier this month,” said Freddie Mac Chief Economist Sam Khater. “While the slight improvement in Selling new and existing houses Encouragingly, the market continues to face a significant shortage of homes. “A strong economy could help build momentum in the new year and potentially increase shopping activity.”
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The average 15-year mortgage rate rose to 5.92 percent from 5.84 percent last week. A year ago, the 15-year fixed note rate averaged 5.95 percent.