Thirty-year fixed, 15-year fixed and 5/1 ARM mortgage rates all fell on Thursday, according to a NerdWallet survey of mortgage rates published by national lenders.
Thursday, Dec. 29
Mortgage rates arelower thanyesterday, buttrending higher heading into the new year. A weekly survey by Freddie Mac showed themincreasing for the ninth week in a row.
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The sustained upward trend started after Donald Trump won the presidential election in November. The result surprised financial markets and triggered a rise in market interest rates, including the yield on the 10-year Treasury bond, which helps determine mortgage rates. This has raised concerns about housing sales and affordability in 2017, according to a statement by Freddie Mac.
» MORE: Calculate your refinance savings
“On a short week following the Christmas holiday, the 10-year Treasury yield was relatively unchanged. The 30-year mortgage rate rose two basis points to 4.32%, closing the year with nine consecutive weeks of increases,” said Sean Becketti, chief economist at Freddie Mac. “As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017.”
Despite the spike in rates since the election, 2016’s annual average 30-year fixed mortgage rate was 3.65%, the lowest ever recorded since Freddie Mac began it’s weekly survey in 1971, the report said.
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offeredby a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providingthe most accurate view of the costsa borrower might pay.
The article Mortgage Rates Today, Thursday, Dec. 29: Declines Ahead Of Year End originally appeared on NerdWallet.