Freddie Mac: Mortgage rates inch up
Long-term mortgage rates rose a fraction this week, but remain near historic lows.
Freddie Mac’s weekly rate report said 30-year fixed-rate mortgages averaged 5.15 percent this week, up from 5.07 percent last week. A year ago, 30-year mortgages were averaging 6.03 percent.
“Mortgage rates followed bond rates higher this week following reports of continuing jobless claims and a downward revision in economic growth in the fourth quarter of 2008,” says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft payday loan lenders.
Separate reports this week indicated the housing market continues to slow, despite low borrowing costs.
New home sales in January fell more than 10 percent from year ago levels to the slowest pace since at least 1963.
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