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No Stopping Mortgage Rates in Seventh Straight Week of Increases

RISMEDIA, Friday, December 16, 2016— Mortgage rates picked up again this week, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), posting the seventh straight week of an increase since surpassing 4 percent for the first time this year. Per the survey, the 30-year fixed-rate mortgage averages 4.16 percent with an average 0.5 point, up from 4.13 percent the week prior. The 15-year fixed-rate mortgage averages 3.37 percent with an average 0.5 point, also up from the week prior at 3.36 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averages 3.19 percent with an average 0.4 point, up from the week prior at 3.17 percent. The uptick comes following the Federal Reserve's decision to pull the trigger on raising the key interest rate, though it does not reflect the announcement, which occurred after the survey this week, says Sean Becketti, Freddie Mac's chief economist. "As was almost universally expected, the [Federal Open Market Committee] FOMC closed the year with its one and only rate hike of 2016," Becketti says. "The consensus of the Committee points to more rate hikes in 2017; however, the experience of this year combined with the policy uncertainty that accompanies a new administration suggests a wait-and-see outlook. "This week's mortgage rate survey was completed prior to the FOMC announcement," says Becketti. "The 30-year mortgage rate rose three basis points on the week to 4.16 percent. The MBA's Applications Survey posted drops in both refinance and purchase applications, registering the impact of recent mortgage rate increases. If rates continue their upward trend, expect mortgage activity to be significantly subdued in 2017." For more information, please visit www.freddiemac.com.


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Tamara Zyhylij is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01368097.  All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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