“Mortgage rates edged up with new home sales exceeding expectations and rising to a seasonally adjusted pace of 468,000 units in January, the strongest annual rate since July 2008,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “The 9.6 percent increase in new home sales for January followed an upward revision of 13,000 units in December. The S&P/Case-Shiller 20-city composite house price index rose 13.4 percent over the 12-months ending in December 2013.”
The average rate for the 30-year fixed-rate mortgage rose to 4.37% this week, up from last week’s 4.33%. Last year at this time, the 30-year FRM averaged 3.51%.
The 15-year FRM averaged 3.39% this week, up from last week’s average rate of 3.35%. last year at this time, the 15-year FRM averaged 2.76%.
The 5-year Treasury-indexed adjustable-rate mortgage averaged 3.05% this week, down from last week’s average of 3.08%. Twelve months ago, the 5-year ARM averaged 2.61%.
The 1-year ARM averaged 2.52% this week, down from last week’s 2.57%. Last year at this time, the 1-year ARM averaged 2.64%.
Fixed mortgage rates edged up this week for the fourth consecutive week while adjustable rates fell, according to data released today by Freddie Mac.