Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time

The New York Times rambles, and mangles mortgages along the way

Mortgage finance and mortgage regulation aren’t the paper’s strong suits
W S
Lending

Freddie Mac: Mortgage rates continue upward creep

Uptick result of economic recovery

spike
/ Print / Reprints /
| Share More
/ Text Size+

The results of the weekly Freddie Mac mortgage survey indicate that average fixed mortgage rates continue to a slow climb entering the new year.

"Mortgage rates edged up to begin the year on signs of a stronger economic recovery," said Frank Nothaft, chief economist for Freddie Mac.

"The pending home sales index inched up 0.2% in November, after five consecutive months of decline," he added. "The Conference Board reported that confidence among consumers rose in December and the S&P/Case-Shiller 20-city composite house price index rose 13.6% over the 12 months ending in October 2013."

According to Freddie, 30-year fixed-rate mortgages averaged 4.53% with an average 0.8 point for the week ending Jan. 2, 2014. This is up from the last week of December when it averaged 4.48%. One year ago, the 30-year stood at 3.34%.

The 15-year fixed averaged 3.55% with an average 0.7 point, up from last week when it averaged 3.52%. Last year it was 2.64%.

The 5-year hybrid adjustable-rate mortgage stood at 3.05% this week with an average 0.4 point. It was 3% last week and 2.71% a year ago.

The 1-year adjustable averaged 2.56% this week with an average 0.5 point, unchanged from last week and down just 0.01% from a year ago.

Recent Articles by Trey Garrison

Comments powered by Disqus