Market Update Dec 2 2013


Market Update Dec 2 2013

Last week fixed rates moved up in light of fairly strong economic reports, including another drop in first-time claims for unemployment. Freddie Mac announced that for the week ending November 27, 30-year fixed rates increased to 4.29% from 4.22% the week before. The average for 15-year loans also rose to 3.30%. Adjustable rates were slightly lower, with the average for one-year adjustable decreasing to 2.60% and five-year adjustables moving down to 2.94%. A year ago 30-year fixed rates were at 3.32%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Fixed rates retraced some of their decline of the prior week as housing data portrayed mixed signals. The National Association of Realtors reported that their pending sales metric dipped for the fifth consecutive month and was slightly below year-ago levels, presaging a softening in sales near year-end. Nonetheless, house prices rose as homes-for-sale inventory remained tight in many markets. The S&P/Case-Shiller House Price index showed prices in the 20 largest cities increased 13.3 percent annually in September, the highest year-over-year increase since February 2006, and a bit stronger than the Federal Housing Finance Agency’s U.S.-wide Purchase-Only Index, which appreciated 8.5 percent over the same period.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rate Mortgages

Updated November 29, 2013

market_chart_dec2013


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