US mortgage continues to climb
According to Freddie Mac’s latest Primary Mortgage Market Survey, the average U.S. fixed mortgage rate moved higher for the fifth consecutive week in late November 2016.
Sean Becketti, chief economist of Freddie Mac commented, “The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP. The 30-year mortgage rate rose 5 basis points to 4.08 percent, rising a total of 51 basis points in three short weeks. With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16 percent week over week.”