U.S. Mortgage Rates Increase Amid Mixed Data

U.S. Mortgage Rates Increase Amid Mixed Data

Residential News » North America Residential News Edition | By Francys Vallecillo | November 27, 2013 11:47 AM ET

Fixed mortgage rates in the U.S. increased ahead of the holiday break, amid mixed data between pending home sales and house price increases, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.29 percent for the week ending November 27, up from 4.22 percent last week. Last year at this time, the average for the 30-year FRM was 3.32 percent.

Fixed mortgage rates repeated some of their decline of the prior week as housing data gave mixed signals. The National Association of Realtors reported a drop in pending home sales for the fifth consecutive month, possibly preluding softer sales at the end of the year. 

Meanwhile, RealtyTrac reported a 13 percent yearly increase in home prices in October, as inventory remained tight in many markets. 

"The S&P/Case-Shiller House Price index released yesterday 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," Frank Nothaft, vice president and chief economist, Freddie Mac, said in the report.

The average for a 15-year fixed-rate mortgage was 3.30 percent, up from 3.27 percent last week. Last year it was 2.64 percent. 

The one-year treasury-indexed ARM averaged 2.60 percent this week, down from 2.61 percent last week. 

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