Industry NewsMortgage

Signs of growth goose mortgage rates

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Editor's note: This story has been corrected to note that mortgage rates hit record lows during the week ending Nov. 11.Rates on fixed-rate loans were up for the 5th week in a row as new signs of economic growth prompted investors to continue moving out of bonds and securities that fund most mortgage loans, Freddie Mac said in releasing its weekly Primary Mortgage Market Survey.Rates for 30-year fixed-rate mortgages averaged 4.83 percent with an average of 0.7 point for the week ending Dec. 16, up from 4.61 percent last week but still below the 4.94 percent rate this time a year ago, Freddie Mac said.Interest rates for 30-year fixed mortgages are now at their highest level since May, and more than a half percentage point higher than the record low of 4.17 percent set during the week ending Nov. 11."Market concerns over stronger economic growth that, in the near term, could lead to an increase in inflation have sparked a rise in bond yields, and mortgage rates have followed,"...