As was expected, mortgage rates continued to edge higher as 2013 came to close.
According to Freddie Mac's weekly Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage (FRM) for the week ending Jan. 2, 2014, was 4.53%, an increase of about 0.8% compared to the week prior, when it averaged 4.48%.
A year ago at this time, the 30-year FRM averaged 3.34%.
The average rate for a 15-year FRM was 3.55%, an increase of about 0.7% compared to the previous week, when it averaged 3.52%. A year ago at this time, the 15-year FRM averaged 2.64%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.05%, up about 0.4% compared to the previous week, when it averaged 3.00%. A year ago, the five-year ARM averaged 2.71%.
The average rate for a one-year Treasury-indexed ARM was 2.56%, up about 0.5% compared to the week prior. At this time last year, the one-year ARM averaged 2.57%.
Although rising interest rates have put a damper on the housing recovery, Frank Nothaft, vice president and chief economist for Freddie Mac, noted that confidence among consumers rose in December, according to the Conference Board.
What's more, Freddie Mac's pending home sales index inched up 0.2% in November.