Interest rates on residential loans turned modestly lower over the past week. But the next report is likely to reflect a significant surge in rates.

Home loans that were closed during December had an average 30-year note rate 4.05 percent, surging 24 basis points from the prior month.

But despite the month-over-month deterioration, 30-year mortgage rates have moved down 21 BPS compared to final month of 2015.

Source: Mortgage Daily