The latest reading on mortgage rates is that they continued deteriorating on both a weekly and monthly basis. Short- and long-term forecasts have further escalation ahead for fixed rates.

On all residential loans that closed during December, thirty-year note rates averaged 4.28 percent. The rate climbed 4 basis points from the prior month — when they were also higher — and 23 BPS from a year prior.

Rates most recently averaged 4.32 percent on conventional mortgages, 4.31 percent on loans insured by the Federal Housing Administration and 4.05 percent on loans guaranteed by the Department of Veterans Affairs.

Source: Mortgage Daily