In November, the National Association of Real Estate reported that average interest rates for long-term mortgages had risen for the first time in two months according to the U.S. Federal Home Loan Mortgage Corp.
For the week ending Nov. 18, the average interest rate for 30-year fixed-rate contracts climbed off a record low of 4.17 percent to 4.39 percent with 0.9 points, while average interest rates for 15-year contracts rose from 3.57 percent to 3.76 percent with 0.7 points.
Rates for 15-year fixed-rate mortgages a year before stood at 4.32 percent. Rates for 30-year mortgages a year before averaged 4.83 percent.
Freddie Mac Vice President and Chief Economist Frank Nothaft said rates rose along with October’s retail sales report, which showed gains twice what economists had predicted. “The housing market is showing some potential gains as well,” he said, with builder confidence rising in November to the strongest level since June.