Having hit a 32-month high at the end of 2016, the average rate for a benchmark 30-year mortgage slipped 12 basis points over the past week to start the year at 4.20 percent, which is the first time the average 30-year rate has been above 4 percent at the beginning of the year since 2014 and versus 3.97 percent at the beginning of 2016.
Despite the dip, the average 30-year rate has still jumped 66 basis points over the past two months and a total of 79 basis points since early July, according to data from Freddie Mac’s Primary Mortgage Market Survey, a move which shouldn’t have caught any plugged-in readers by surprise.
And while the Fed’s three predicted rate hikes this year won’t directly translate into quarter-point hikes in mortgage rates, we’ll keep you posted and plugged-in.