Some mortgage rates inch higher
Stronger consumer spending lifted some mortgage rates this week, Freddie Mac reports.
NEW YORK (CNNMoney.com) -- Some mortgage rates rose along with bond rates this week as reports of stronger consumer spending in November were tempered by disappointing readings of other economic measures, Freddie Mac reported Thursday.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 6.17 percent for the week ending Dec. 27, up from 6.14 percent a week earlier.
At this time last year, the 30-year fixed-rate mortgage averaged 6.18 percent.
"Stronger consumer spending and an increase in the core price deflator in November caused long-term bond yields to inch up over the end of last week and beginning of this week, with mortgage rates following," said Frank Nothaft, Freddie Mac (FRE, Fortune 500) vice president and chief economist in a statement Thursday.
"Offsetting some of the increase, however, was a decline in November's index of leading economic indicators and a weak manufacturing report in Philadelphia for December," added Nothaft, who expects consumer spending to slow in the near term.
Freddie Mac said 15-year fixed-rate loans averaged 5.79 percent, unchanged from last week. A year ago, the 15-year rate averaged 5.93 percent.
Five-year adjustable-rate mortgages (ARMs) averaged 5.90 percent this week, also unchanged from last week. A year ago, the 5-year rate averaged 5.98 percent.
One-year Treasury-indexed ARMs averaged 5.53 percent, up from 5.51 percent last week. At this time last year, the 1-year ARM averaged 5.47 percent.