McLEAN, Va. – Mortgage rates continued to rise ever so slightly this week, for the second week in a row, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan inched up to 6.14% this week, from 6.11% last week; while the average for the 15-year, fixed-rate mortgage budged to 5.79%, from 5.78%.
ARM rates also inched up, with the average for the one-year ARM moving to 5.51%, from 5.50%; and the average for the five-year ARM going to 5.89%, from 5.90%.
"Stronger-than-expected inflation reports and retail sales for November put upward pressure on long-term interest rates late last week," said Frank Nothaft, chief economist for the secondary mortgage market giant. "However, ensuing data releases suggested further weakness in the housing market over November and December and allowed interest rates to drift back down. The net effect left mortgage rates little changed this week."
