Year-End Rates A Full Point Higher Than Last Year But Still Historically Low
Thursday, January 2, 2014 • 8:45am
We wrap up 2013 with mortgage rates that are almost a percentage point higher than at the beginning of the year. While rates have been moving slowly upward, we remain in historically low territory. The mortgage industry has gone through many significant changes in the last few years and more changes are coming. If our economy is finally at the point of a self-sustaining recovery, we are likely to see rates continuing to move upward in 2014.
This week starts with some upward pressure on rates that could be ratcheted higher with more positive data. The October Case-Shiller home price index is due out on Tuesday and the initial weekly unemployment claims report will be released on Thursday. The consensus is for claims to be unchanged at 338,000.
This column takes a look at current mortgage rates, market trends and indexes. Jon Lamkin is Vice President of Mortgage Lending for Guaranteed Rate, 322 Route 46 W Suite 170 • Parsippany, NJ • 07054. He may be reached at 973.939.8661 / firstname.lastname@example.org / www.guaranteedrate.com/jonlamkin
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