Signs of a strong economy helped push up fixed mortgage rates this week, with the 30-year home loan at 4.53 percent — the highest level since September, according to Freddie Mac.
A year ago at this time, the 30-year fixed-rate mortgage averaged 3.34 percent.
“Mortgage rates edged up to begin the year on signs of a stronger economic recovery,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
The index from the National Association of Realtors that measures pending home sales inched up 0.2 percent in November. That figure was short of expectations, but it followed five consecutive months of decline.
Moreover, the Conference Board found that confidence among consumers rose in December and the S&P/Case-Shiller 20-city composite home-price index jumped 13.6 percent over the 12 months ending in October 2013.
Here’s the overview of mortgage rates from Freddie Mac:
- 30-year fixed-rate mortgage (FRM) averaged 4.53 percent, with an average 0.8 point, for the week ending January 2, 2014, up from last week when it averaged 4.48 percent. A year ago at this time, the 30-year FRM averaged 3.34 percent.
- 15-year FRM this week averaged 3.55 percent, with an average 0.7 point, up from last week when it averaged 3.52 percent. A year ago at this time, the 15-year FRM averaged 2.64 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week, with an average 0.4 point, up from last week when it averaged 3.00 percent. A year ago, the 5-year ARM averaged 2.71 percent.
- 1-year Treasury-indexed ARM averaged 2.56 percent this week, with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.57 percent.