U.S. mortgage rates were little changed as the New Year kicks off, keeping borrowing costs near record lows after home prices gained the most in more than two years. The average rate for a 30-year fixed mortgage was 3.35 percent in the week ended today, down from 3.37 percent Freddie Mac said in a statement. The average 15- year rate held at 2.65 percent.
Home values are rising as low interest rates boost demand amid a tightening supply of properties on the market. House prices nationwide jumped 4.3 percent in the 12 months through October 2012, the biggest year-over-year advance since May 2010. Purchases of previously owned homes rose to a three-year high in November, the National Association of Realtors said last week.
California Coast Real Estate & Community News