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30-year mortgage rates rise to 5.14%

We're ending the year with mortgage interest rates practically even with their levels at the close of 2008. Mortgage finance giant Freddie Mac reported Thursday that average rates on 30-year fixed-rate loans hit 5.14 percent with 0.7 points this week.

That's up from last week's average of 5.05 percent and marked the fourth consecutive increase since rates bottomed out at a historic low (at least since Freddie started keeping track in 1971) of 4.71 percent in early December.

Rates also rose this week for 15-year mortgages, reaching an average of 4.54 percent with 0.7 points. Last week the rate was 4.45 percent.

But the rate fell slightly on 1-year adjustable-rate loans, which averaged 4.33 percent compared with 4.38 percent last week.

Mortgage rates were driven artificially low in 2009 by the Federal Reserve, which said it would buy as much as $1.25 trillion in mortgage-backed securities to stimulate the economy. That stimulus program is scheduled to end during the first quarter of the new year.

By Elizabeth Razzi  |  December 31, 2009; 3:00 PM ET
Categories:  Mortgages , Statistics , The economy  
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Comments

These banks have to find a way to collect their bonus money for next year, if not just ask the feds for bailout money. A no lose situation.

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Posted by: huangzhixian190 | December 31, 2009 10:18 PM | Report abuse

Everybody hang on.

The gov bailed out the banks last year during the first dip into the recession and now, the banks will be taking us down into the second dip.

They have...License to waste.

At least they are consistent. They are consistently repeating the fatal mistakes of the Great Depression by tightening monetary policy for the government that gave them all available liquidity.

This is really dumb.

Posted by: blindspots | December 31, 2009 11:32 PM | Report abuse

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