Mortgage rates ended the week flat in the week ending 19th December. 30-year fixed rates remained unchanged at 3.73%. In the week ending 12th December, mortgage rates had risen by 5 basis points to 3.73%. In the week ending 5th December, mortgage rates had also remained flat at 3.68%.
With rates flat in the week, 30-year rates continued to hold close to levels last seen in early November of 2016, according to figures released by Freddie Mac.
Compared to this time last year, 30-year fixed rates were down by 89 basis points.
30-year fixed rates are also down by 121 basis points since November 2018’s most recent peak of 4.94%.
Economic Data from the Week
It was a busy 1st half of the week on the economic data front.
At the start of the week, December’s prelim private sector PMI numbers delivered mixed results, but in favor of the Dollar.
While manufacturing sector activity grew at a slower pace, the all-important service sector activity picked up in December.
On Tuesday, industrial production jumped by 1.1% in November, also supporting yields.
With no stats to consider on Wednesday, economic data was skewed to the negative on Thursday. The initial jobless claims rose from 225k to 234k, with the Philly FED Manufacturing Index falling from 10.40 to 0.30 in December.
From the housing sector, existing home sales slid by 1.7% in November, partially reversing a 5% rise on October. Inventories continued to be an issue, weighing on the numbers….
On the geopolitical risk front, progress…