WASHINGTON – The average rate on the 30-year fixed-rate mortgage jumped this week to 3.98%, from a record low of 3.88% last week, after data showed improvement in the housing market, according to Freddie Mac.
The average rate for the 15-year mortgage also rose, to 3.24%, from 3.17% last week.
ARM rates were mixed, with the average for the five-year ARM inching up to 2.85%, from 2.82% last week; and the average for the one-year ARM unchanged at 2.74%.
“Fixed mortgage rates ticked up this week as the housing market ended 2011 on a high note,” said Frank Nothaft, chief economist for Freddie Mac. “New construction of one-family homes rose 4.4% in December to an annualized rate of 470,000, the most since April 2010. Existing-home sales increased 5% at the end of the year to 4.61 million houses, the largest amount since May 2010.”
