Mortgage Giant, Freddie Mac released this weeks Prime Mortgage Market Survey (PMMS) showing the average mortgage rates on a fixed rate rise slightly this week.
The surveys reveals the following:
30-year fixed-rate mortgage (FRM) averaged 3.94% rising from 3.93% last week, with an average 0.5 point for the week ending December 21, 2017 this showing a .01% incline from last week.
15-year FRM this week averaged 3.38% dropping from 3.36% with an average 0.5 point, showing a .02% rise from last week.
5/1-year ARM averaged 3.39% percent this week from 3.36% with an average 0.3 point, rising .03% from the week before.
The 10-year Treasury bond is linked closely to the mortgage rates and serve as an indicator of where the mortgage rates are going. The Treasury yield jumped to 2.49% - an increase of 14 basis points since Friday in turn causing the mortgage rates to tick up a tad.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.