Freddie Mace said Thursday that the average rate on 30-year fixed mortgages rose to 4.81% from 4.76% the previous week. It hit a 40-year low 4.17% in November.
The average rate on 15-year fixed mortgages increased to 4.04% from 3.97%. It reached 3.57% in November, the lowest level on records dating back to 1991.
The rates do not include add-on fees, known as points. One point is equal to 1% of the total loan amount. The average fee for 30-year fixed loans and 15-year fixed loans in Freddie Mac’s survey was 0.7 point. The average fee for five-year ARMs and 1-year ARMs was 0.6 point.
*source: Associated Press