Rates flat as year winds down

by Adam Smith30 Dec 2013
Mortgage rates saw little change last week as the year winds to a close, but are up significantly year-over-year.

Freddie Mac's Primary Mortggage Market Survey has indicated the average 30-year fixed-rate mortgage for the week ending December 26 was 4.48%. The result represents a mostly flat week for mortgage rates, up just 0.01% from the week prior. But it paints a picture of rising rates in the latter half of the year. The average 30-year fixed-rate mortgage at the same time in 2012 was 3.35%.

Freddie Mac vice president and chief economist Frank Northaft said rates changed little over the week on the back of mixed economic news.

"Real GDP was revised upwards to 4.1% growth in the third quarter of this year. However, existing-home sales dropped 4.3% to a seasonally adjusted annual rate of 4,900,000 in November. Also, new home sales fell 2.1% to a seasonally adjusted annual rate of 464,000."

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