Mortgage Rates Hit Highest Rate In 2016 This Week

According to the Freddie Mac Primary Mortgage Market Survey (PMMS) released yesterday for the past week, interest rates on a 30-year fixed rate mortgage increased 5 basis points (1/20th of 1%) to 4.13 percent , the highest rate they have been at during 2016.  Last year at this time the PMMS showed average interest rates at 3.95 percent so, while rates have increased over the past year, the amount has been fairly small.

However, mortgage interest rates are being forecasted by many economists and industry guru’s to hit 4.5% – 5.0% during 2017.  While we’ve seen predictions like that for a couple of years in a row now, I think it’s going to come true this time therefore, if you have been thinking about buying, you may want to start looking now!

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Mortgage Interest Rates - Freddie Mac Primary Mortgage Market Survey

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