U.S. mortgage rates hold steady for the week

New York /
Dec.December 26, 2013 06:03 PM

On the heels of the Federal Reserve’s announcement that it will reduce bond purchases, U.S. mortgage rates largely maintained status quo this week. The average for 30-year fixed rate mortgages rose to 4.48 percent this week from 4.47 percent, according to Freddie Mac data. The average 15-year rate saw similarly slight growth – to 3.52 percent from 3.51 percent week-over-week.

“Slightly higher rates are unlikely to be enough to derail the housing-market recovery as improvement in labor markets and other economic fundamentals keeps the recovery on track,” Gennadiy Goldberg, a strategist at the Midtown West office of Canadian investment firm TD Securities, told Bloomberg News.

August was a big month for the 30-year mortgage, as the rate reached 4.58 percent and hit a two-year high, Bloomberg reported.

Meanwhile, the Mortgage Bankers Association reported different data for the week. U.S. home mortgage applications fell for the second consecutive week to a 13-year low. Application activity dropped 6.3 percent to the lowest level seen since December 2000, according to the MBA report. [Bloomberg News]Mark Maurer


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