November 25, 2010 in Business

Mortgage rates go up slightly

 

NEW YORK — Rates on fixed mortgages edged up again from the lowest levels in decades, making it slightly less attractive for Americans to buy or refinance in a market that’s struggling to recover.

Freddie Mac said Wednesday that the average rate for 30-year fixed loans rose to 4.40 percent this week from 4.39 percent last week. The 15-year loan also increased, to 3.77 percent from 3.76 percent.

SALES DOWN: New home sales dropped 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October, the Commerce Department said Wednesday. The pace is just 2.9 percent higher than August’s rate of 275,000 units, the worst level on records dating to 1963.

APPLICATIONS RISE: Applications for mortgages to buy homes did rise to the highest level since May last week from the previous week, the Mortgage Bankers Association said Wednesday. However, the previous week included the Veterans Day holiday and the survey didn’t make an adjustment for the extra day in the latest week.

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