Though mortgage rates moved higher again this week, borrowers should still appreciate how low they are — because they're likely to increase further. Despite nine consecutive weeks of rises in mortgage rates, the annual average for the 30-year fixed-rate mortgage was 3.65 percent in 2016 — the lowest annual average ever recorded by Freddie Mac.
"On a short week following the Christmas holiday, the 10-year Treasury yield was relatively unchanged," notes Sean Becketti, Freddie Mac's chief economist. "The 30-year mortgage rate rose 2 basis points to 4.32 percent, closing the year with nine consecutive weeks of increases. As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017."
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 29:
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