3.98: Mortgage Rates Jump Back Up; New Home Sales Fall
After three straight weeks of record setting lows, mortgage rates jumped back up today.
This morning, Freddie Mac reported 3.98 percent with an average 0.7 point as the average on a 30-year fixed mortgage. Rates hit a record low of 3.88 percent last week and have been below 4 percent now for eight consecutive weeks.
From Freddie Mac vice president and chief economist Frank Nothaft:
Fixed mortgage rates ticked up this week as the housing market ended 2011 on a high note. 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.
At the same time that the rates were announced, not-so-good news came from the Commerce Department, which reported that new home sales fell unexpectedly in December by 2.2 percent. Sales were at an annual rate of 307,000, below the 325,000 number that economists had expected.
Here’s a look at the path of rates since last January:
See other articles related to: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/3.98_mortgage_rates_jump_back_up/5000.
Most Popular... This Week • Last 30 Days • Ever
It has been a good start to the year for high-priced homes in the DC region.... read »
Roadside Development filed a sketch plan with Montgomery County this month for the 30... read »
The Matthew is located on 9th Street, overlooking the iconic Naylor Court and neighbo... read »
This week's Best New Listings include an award-winning craftsman, a condo in a former... read »
Construction continues humming along on several developments on the uppermost stretch... read »
- $2.5 Million and Up: Luxury Home Sales Rise 20% in DC Area in 2024
- A First Look At The 525-Unit Development That Will Incorporate Silver Spring's Tastee Diner
- Nine Stylish Condominiums Debut in Shaw's Iconic Naylor Court
- Best New Listings: A Home On The Hill With a Pool?
- The 1,600 Units In The Walter Reed/Takoma Development Pipeline
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro