Mortgage rates fall for first time since election

The Scotsman Guide - Victor Whitman - 05 January 2017

Mortgage rates fell this past week for the first time since the presidential election in November, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 4.2 percent, down 12 basis points. Rates had risen for 10 straight weeks. A year ago, the rate averaged 3.97 percent.  Other key rates also fell.

Freddie Mac’s Chief Economist Sean Becketti noted that this was the first year since 2014 that rates have opened the year above 4 percent.  

"Despite this week's breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll — the [Mortgage Bankers Association] refinance index plunged 22 percent this week," Becketti said.