Housing Market

Mortgage rates see little change during first week of year

mortgage rateData released by Freddie Mac on Thursday showed average mortgage rates remained little changed for the week ending Dec. 9.

“Mortgage rates were little changed amid a week of light economic reports,” Freddie Mac Vice President and Chief Economist Frank Nothaft said. “Of the few releases, the private sector added an estimated 238,000 jobs in December, which exceeded the market consensus and followed an upward revision of 14,000 jobs in November, according to the ADP Research Institute. Also, the Institute for Supply Management reported a greater slowing in growth in the non-manufacturing industry in December than the market consensus forecast.”

The 30-year fixed-rate mortgage averaged 4.51 percent, down from 4.53 percent in the previous week and up nearly 33 percent year-over-year. The 15-year mortgage averaged 3.56 percent, up slightly from 3.55 percent last week and up nearly 34 percent year-over-year.

The five-year adjustable-rate mortgage increased to 3.15 percent from the previous week and nearly 18 percent year-over-year, while the one-year ARM remained unchanged at 2.56 percent.

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