According to figures compiled by Freddie Mac, lenders were offering 30-year fixed-rate loans at 3.34%, a two basis point increase from the week prior. The rate on 15-year loans increased by 3 bps for the week ending Dec. 6, the GSE reported.
Refinancings are holding steady, but “have leveled off a little bit,” said John Walsh, president of the Connecticut-based Total Mortgage Services. Walsh noted that rates have been in a narrow range for “quite some time.”
The CEO added that the purchase money business is “definitely starting to see a pickup, even for December.”
In an interview earlier in the week, MortgageMarvel chief operating officer Rick Allen also said there has been a pickup in purchase volume, but said refinancings remain strong.
“The refinance market is very robust,” said Allen. “We’re seeing a record number of transactions.”
Meanwhile, Freddie Mac reported that 30-year loans are being offered with an upfront fee of 0.7 of a point, 15-year mortgages at 0.6 of a point.
The average rate for a five-year Treasury-indexed hybrid was 2.69% with 0.6 of a point, down three basis points from the previous week.