Mortgage rates rise in week
Posted on: Thursday, 22 January 2009, 13:07 CST
Interest rates for 30-year, fixed-rate U.S. mortgages rose this week, but still remain comparatively low, the Federal Home Loan Mortgage Corp. said Thursday.
The 30-year, fixed-rate mortgage averaged 5.12 percent with an average 0.7 points in the week ending Jan. 22, Freddie Mac said.
A week ago, 30-year, fixed-rate mortgages averaged 4.95 percent. A year ago this week, 30-year fixed-rate interest rates averaged 5.48 percent.
However, over the first three weeks of 2009, 30-year fixed-rate mortgages averaged 0.25 percentage points below its monthly average for December 2008,
Frank Nothaft, Freddie Mac vice president and chief economist said.
At 4.8 percent with an average 0.7 points, the 15-year, fixed-rate mortgage also rose above last week's rate, which was 4.65 percent. A year ago, 15-year fixed-rate mortgages averaged 5.24 percent, the report said.
New housing construction continues to thin due to foreclosures and an abundance of unsold homes,
Nothaft said.
Housing starts for one-family homes fell 13.5 percent in December 2008,
Nothaft noted. In addition, home builder confidence fell to a record low in January,
he said.
Source: United Press International
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