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Freddie Mac: Mortgage rates continue upward creep

Uptick result of economic recovery

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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.

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