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Mortgage rates dropped to their lowest annual averages in 45 years in 2016 but continued their steady climb as the year came to a close.
Freddie Mac says that 30-year, fixed-rate mortgages averaged 4.32 percent for the week ended Dec. 29, the ninth consecutive week of increases. Fifteen-year, fixed-rate mortgages averaged 3.55 percent, also up on both a weekly and annual basis.
In a statement accompanying the report, Freddie Mac Chief Economist Sean Becketti said that rising rates will further erode affordability in 2017.