WXXI AM News

Mortgage rates continue to climb

Dec 16, 2016

Credit freeimages.com/Svilen Milev

For the fifth straight week in the aftermath of Donald Trump's election, long-term U.S. mortgage rates are higher.

Mortgage giant Freddie Mac says the average rate on a 30-year fixed-rate loan rose this week to 4.16 percent. The previous week average rate was 4.13 percent.

It's now well above its 3.97 rate from a year ago.

But Toni Connors, president of the Greater Rochester Association of Realtors, does not expect the higher rates to have a negative impact on potential buyers locally.

"It's not a big jump, so it won't make a big difference in their mortgage payments, so I think when the properties come on the market, they'll be ready to buy because we are short of listings."

There were 14,360 homes listed for sale in the 11-county Rochester Finger Lakes region in the third quarter, a 28.5 percent drop from last year.

The average for a 15-year mortgage, a popular choice for people who are refinancing, ticked up to 3.37 percent this week.

In the week of the presidential election, it was 2.88 percent.