Mortgage rates rose for a seventh straight week from record lows, inching up to a national average of 4.86 percent last week.
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.86 percent with an average 0.8 point for the week ending December 30, 2010, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.
The 30-year average had fallen steadily for seven months before bottoming out Nov. 11 at 4.16 percent, a record low for the Freddie Mac survey, down from 5.3 percent on April 8. For the year as a whole, 30-year fixed mortgages averaged just below 4.7 percent, which represented the lowest annual average since 1955.
Primary Mortgage Market Survey [Freddie Mac]