Mortgage rates still showing uptick

Allissa Kline^[1]

Buffalo Business First Reporter- Business First

This email address is being protected from spambots. You need JavaScript enabled to view it.^[2]  | Twitter^[3]

With two full weeks left in 2013, nationwide average fixed mortgage rates in the second half of the year continue to be slightly elevated compared to the first half of the year.

That’s according to Freddie Mac’s^[4] weekly mortgage survey, which shows that the 30-year fixed-rate mortgage averaged 4.42 percent this week. Six months ago, the average rate for the 30-year fixed-rate mortgage was starting to climb, coming in at 3.98 percent.

Mortgage rates have been rising since then amid generally positive economic outlooks. In the Northeast, the current average for a 30-year mortgage is 4.40 percent, tied with the Western market. The Southwest has the highest average at 4.47 percent.

Local banks’ rates are slightly higher than the national average. At First Niagara Bank^[5] N.A., the second-largest deposit-taker in Western New York, 30-year fixed-rate mortgages are available at 4.63 percent as of Dec. 13. Evans Bank^[6] N.A., a regional community bank, is offering the same type of mortgage at 4.5 percent as of Dec. 10.

Freddie Mac surveys lenders around the country every week, gathering information about rates, fees and points for the most popular mortgage products. Rates hit historic lows in recent quarters, but have been moving steadily upward for several months.

Allissa Kline covers financial services, accounting and trade

References

1. ^{^} Allissa Kline (feeds.bizjournals.com)
2. ^{^} This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
3. ^{^} Twitter (twitter.com)
4. ^{^} Freddie Mac’s (www.bizjournals.com)
5. ^{^} First Niagara Bank (www.bizjournals.com)
6. ^{^} Evans Bank (www.bizjournals.com)