Mortgage rates rose again this week
12/10/2010
By Credit.com Staff
The average rate for a 30-year fixed-rate mortgage climbed to 4.61 percent this week, up significantly from the previous period, when it was 4.46 percent, according to the latest statistics from home loan giant Freddie Mac. However, at this time last year, the rate was 4.81 percent. Similarly, rates for 15-year fixed mortgages climbed to 3.96 percent this week, up from the previous rate of 3.81 percent. For the same period in 2009, that APR averaged 4.32 percent.
According to Frank Nothaft, vice president and chief economist at Freddie Mac, these increases may be due to an increased demand in the housing market, as existing pending sales soared 10.4 percent in October, the latest month for which statistics were available.
These increases in national mortgage rates came after months of APRs hovering at or near all-time record lows, which caused many consumers to seek refinances. However, in the weeks since rates began to climb again, there have been fewer refinance applications.
