Industry NewsMortgage

Mortgage rates continue upward climb

Demand for purchase loans remains strong

Mortgage rates followed bond yields higher this week, as signs of economic growth made bonds less attractive to investors.Fixed-rate mortgages were up for the third week in a row for the week ending Dec. 2, mortgage giant Freddie Mac said, with the 30-year fixed-rate mortgage averaging 4.46 percent with an average 0.8 point. That's up from 4.4 percent last week but still well below the 4.71 percent registered at the same time a year ago.Rates on 15-year fixed-rate loans averaged 3.81 percent with an average 0.7 point, up from last 3.77 percent a week ago but down from 4.27 percent a year ago.Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.49 percent with an average 0.6 point, up from 3.45 percent last week but down from 4.19 percent a year ago.The 1-year Treasury-indexed ARM averaged 3.25 percent with an average 0.6 point, up from 3.23 percent last week but down from 4.25 percent a year ago.Freddie Mac's weekly Primary Mortgage Market Survey trac...

Comments