Freddie Mac Confirms Mortgage Rates At 2-Year Highs

(RTTNews) - Mortgage rates continue to rise since Donald Trump won the US presidential elections, with home loans rate increasing for the eight straight week.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 4.30 percent for the week ended December 22, up from 4.16 percent last week. A year ago at this time, the average rate was 3.96 percent.

The Freddie Mac survey also showed that the 15-year fixed-rate mortgage averaged 3.52 percent this week, up form 3.37 percent last week. A year ago at this time, the rate for the 15-year loans averaged 3.22 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.32 percent, up from 3.19 percent last week. It was 3.06 percent a year ago.

"A week after the only rate hike of 2016, the mortgage industry digested the Fed's decision and this week's survey reflects that response. Following Yellen's speech last Wednesday, the 10-year Treasury yield rose approximately 10 basis points. The 30-year mortgage rate rose 14 basis points to 4.30 percent, reaching highs we have not seen since April 2014," said Sean Becketti, chief economist, Freddie Mac.