In Freddie Mac's results of its Primary Mortgage Market SurveyÂ® the average mortgage rates climbed as the housing market ended 2011 on a high note. The 30-year fixed-rate mortgage averaged 3.98 percent reversing its previous three-week trend of setting all-time record lows. Despite the jump, this marks the eighth consecutive week the 30-year fixed has remained below 4.00 percent.
According to Frank Nothaft, vice president and chief economist, Freddie Mac:
"Fixed mortgage rates ticked up this week as the housing market ended 2011 on a high note.Â New construction of one-family homes rose 4.4 percent in December to an annualized rate of 470,000, the most since April 2010. Existing home sales increased 5.0 percent at the end of the year to 4.61 million houses, the largest amount since May 2010. Furthermore, pending home sales in November and December averaged the highest reading since the March and April 2010 period."
Published: January 27, 2012, Realty Times-Title amended