The average mortgage rate inched higher this past week, reversing a 5-week trend of cheaper home loans. Government-backed mortgage giant Freddie Mac reported that the average 30-year fixed home loan currently stands at 4.03%, up 6 basis points from last week’s average of 3.97%. The average 15-year mortgage rate climbed 4 basis points to 3.27%.
While the nation’s mortgage rates increased sharply following November’s Presidential Election, it’s important to note that last year’s average rate of 3.66% was the lowest since 1971. Industry experts expect rates to climb higher in 2017, possibly even hitting 5% by the end of the year with continued economic growth.