Rates Little Changed

The average 30-year fixed mortgage rate rose from 6.11% to 6.14% over the seven-day period ended Dec. 20, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.78% to 5.79%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.89% to 5.90%, and the average rate for one-year Treasury-indexed ARMs rose from 5.50% to 5.51%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.5 of a point for hybrid ARMs, and 0.6 of a point for one-year ARMs. "Stronger-than-expected inflation reports and retail sales in November put upward pressure on long-term interest rates late last week," said Frank Nothaft, Freddie Mac's chief economist. "However, ensuing data releases suggested further weakness in the housing market over November and December and allowed interest rates to drift back down. The net effect left mortgage rates little change this week." A year ago, the average 30-year and 15-year fixed rates were 6.13% and 5.89%, respectively, and the average hybrid and one-year ARM rates were 5.96% and 5.44%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.