Slight Rise in Mortgage Rates

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In the week ended December 11th, mortgage rates went up slightly, but the average rate on a 30-year fixed-rate loan remained below 4 percent. The data was presented in the weekly Primary Mortgage Market Survey compiled by Freddie Mac.

The average rate on a 30-year fixed-rate home loan went up to 3.93% from 3.89% during the week before. Despite the increase, it remained nearly 0.5% lower compared to its level a year ago. During the same week of 2013, the average rate on this fixed-rate loan was 4.42%.

The average rate on a 15-year fixed-rate loan experienced a higher increase in the week ended December 11th compared to the previous week. It rose to 3.20% from 3.10% in the week before. At this time a year ago, the average rate on this type of mortgage was 3.43%.
The 5-year hybrid adjustable-rate loan got a higher average rate during the week. It rose to 2.98% compared to 2.94% in the week before. During the same week a year ago, it was at the same level as it is now – 2.94%.

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Only one of the types of mortgage loans which are studied by Freddie Mac experienced an interest rate decline in the week ended December 11th. This was the 1-year hybrid adjustable-rate loan. The average rate on this type of mortgage underwent minimal decline to 2.40% from 2.41% during the previous week. In the same week of 2013, it was 2.51%.

Frank Nothaft, the vice president and chief economist of Freddie Mac, said that the average rate on a 30-year fixed-rate mortgage rose to 3.93% during the week after a four-week decline. He noted that the increase occurred at the same time as the announcement that 321,000 new jobs were created in November 2014. The actual number of new jobs was 91,000 higher compared to the forecast. The rate of unemployment remained unchanged at 5.8%.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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