Mortgage rates soar to fresh 2016 high, Freddie Mac says
Rates for home loans rose for the sixth week in a row, mortgage finance provider Freddie Mac said Thursday.
The 30-year fixed-rate mortgage averaged 4.13% in the Dec. 8 week, up five basis points during the week. The 15-year fixed-rate mortgage averaged 3.36%, up from 3.34% in the prior week. Both are at 2016 highs.
Mortgage rates loosely track the benchmark 10-Year Treasury yield TMUBMUSD10Y, +2.32% but move more slowly and within a narrower range. The 10-year slipped this week following the release of the Labor Department’s job openings report, but mortgage rates kept climbing, Freddie noted in a release.