Mortgage Rates Rise
WASHINGTON – Long-term mortgage rates moved up slightly again this week, for the second week in a row, as bond yields moved up, according to Freddie Mac.
The average for the 30-year, fixed-rate loan rose to 4.80% this week, from 4.74% last week; while the average for the 15-year loan moved to 4.09%, from 4.05%.
ARM rates inched higher too, with the average for the five-year ARM moving to 3.70%, from 3.69%; and the average for the one-year ARM to 3.26%, from 3.25%.
“Mortgage rates followed bond yields a little higher this week amid positive data reports from The Conference Board that suggest the economy is strengthening,” said Frank Nothaft, chief economist for Freddie Mac, in a statement. “Consumer demand in the housing market is also showing some positive gains. Sales of existing homes rose in December to the strongest pace since May and sales of new homes jumped to the highest since April.”