Mortgage rates up slightlyLong- and short-term mortgage rates rise on solid economic reports, according to weekly survey.Mortgage Rates
NEW YORK (CNNMoney.com) -- Strong reads on inflation and retail sales led to a slight lift in mortgage rates this week, Freddie Mac reported Thursday. The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 6.14 percent for the week ending Dec. 20, from 6.11 percent a week ago. At this time last year, the 30-year fixed-rate mortgage averaged 6.13 percent. "Stronger-than-expected inflation reports and retail sales for November put upward pressure on long-term interest rates late last week," Frank Nothaft, Freddie Mac (FRE, Fortune 500) vice president and chief economist said in a statement. "However," he added, "ensuing data releases suggested further weakness in the housing market over November and December and allowed interest rates to drift back down." Freddie Mac said 15-year fixed-rate loans averaged 5.79 percent, up from 5.78 percent last week. A year ago, the 15-year rate averaged 5.89 percent. Five-year adjustable-rate mortgages (ARMs) averaged 5.90 percent this week, up from 5.89 percent last week. The five-year ARM averaged 5.96 percent a year ago. One-year Treasury-indexed ARMs averaged 5.51 percent, up from 5.50 percent last week. At this time last year, the 1-year ARM averaged 5.44 percent. |
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