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Mortgage rates stay under 4.500%

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The benchmark 30 Year Fixed Rate mortgage will end the 2013 reporting year at 4.480%. Freddie Mac published it last weekly survey for the year and the good news is rates remain under 4.500%. The survey is comprised from lender data provided to the secondary market giant by those who rely on them to purchase mortgages they originate.

Even though the economy has stabilized there are still signs that tilt adjustments.. Housing prices have been increasing and more popular areas such as San Francisco and Washington, D.C. are seeing a boon. On the other hand the recent holiday numbers came in lower than projected. These two instances demonstrate consumer confidence is based on the perspective of those making purchases.

Mortgage rates were little changed this week following mixed economic reports,” mentioned Frank Nothaft, vice president and chief economist, Freddie Mac

What difference a year makes

For those still pondering on what rates will do, they only have to look back 12 months. This time last month the same rates were 13% lower or 3.350%. Translated into mortgage dollars that is a difference of $113.37 per month. For a good many first time buyers that meant holding back on securing a purchase or refinance transaction because their qualifying is much tighter, and they are typically on the border line of how much debt they can carry. That is especially true where incomes have remained relatively flat.

The popular 15 year mortgage will end the year at 3.520%. That is also up from the previous year which was 2.650%

The next survey will kick off 2014 on January 2nd.

A complete listing of the rate survey can be found here.

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