Mortgage Rates Move Higher; FHA Loan Limits Increased

WASHINGTON–Mortgage rates have moved higher for a fifth consecutive week.
According to Freddie Mac’s Primary Mortgage Market Survey, rates on the:

• 30-year fixed-rate mortgage (FRM) averaged 4.08% with an average 0.5 point for the week ending Dec. 1, 2016, up from one week earlier when it averaged 4.03%. A year ago at this time, the 30-year FRM averaged 3.93%.
• 15-year FRM averaged 3.34% with an average 0.5 point, up from the prior week when it averaged 3.25%. One year earlier the 15-year FRM averaged 3.16%.
• Five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15% this week with an average 0.4 point, up from one week earlier when it averaged 3.12%. A year ago, the 5-year ARM averaged 2.99%.

In other mortgage news, the Federal Housing Administration has increased loan limits in 2017. In high-cost areas, the FHA said the new national loan limit “ceiling” will increase to $636,150 from $625,500, while its “floor” will increase to $275,665 from $271,050.