Mortgage rates up for first time in 7 weeks

NEW YORK (CNNMoney.com) -- Mortgage rates turned slightly higher from mixed economic signals after reaching near their lowest level of the year last week and rallying from a decline for six weeks in a row, a survey said Thursday.

The 30-year fixed mortgage rate averaged 6.12 percent in the week ended Dec. 14, up slightly from 6.11 percent in the prior week, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. Last year at this time, the 30-year FRM averaged 6.30 percent.

"Long-term mortgage rates, while expected to rise over the new year, will very likely not get up to even 7 percent, which will help to moderate the current weakness in the housing market," said Frank Nothaft, Freddie Mac vice president and chief economist.

The 15-year fixed-rate mortgage averaged 5.86 percent, up from 5.84 percent last week. A year ago, it averaged 5.87 percent. A year ago, the 15-year FRM averaged 5.85 percent.

Rates for five-year adjustable-rate mortgages came in at 5.92 percent this week, unchanged from last week. A year ago, the five-year ARM averaged 5.77 percent.

One-year ARMs averaged 5.45 percent, up from 5.43 percent last week. At this time last year, the one-year ARM averaged 5.15 percent.

"Mixed economic reports have kept mortgage rates from making any drastic changes this week," said Nothaft. "On the upside, there was stronger job growth and greater than expected retail sales in November. Offsetting that news was weaker wage growth in that same time frame and lower indications of consumer sentiment in December."

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