Mortgage rates up to start off the new year

If one of your New Year's resolutions is to buy a home or refinance your mortgage, it's going to be more expensive than a year ago.

The average rate for a 30-year loan stands at 4.53 percent, compared with 3.34 percent a year ago, according to mortgage giant Freddie Mac. The average 15-year rate stands at 3.55 percent, up from 2.64 percent a year ago.

The higher rate means a consumer with a $200,000 loan for 30 years would pay $137 more a month -- $1,017 a month today, compared with $880 a year ago. A person with a 15-year loan would pay $1,435 a month today for that loan, compared with $1,347 a year ago.

Among the lowest 30-year rates found in Greater Cleveland: 4.375 percent at Dollar Bank and 4.55 at Third Federal Savings.

Freddie Mac Chief Economist Frank Nothaft said the climb in rates stems from a "stronger economic recovery."

He noted that the pending home sales index inched up 0.2 percent in November, after five straight months of decline. Further, confidence among consumers rose in December, according to the Conference Board, and the S&P/Case-Shiller composite house price index of 20 cities rose 13.6 percent over the 12-month period that ended in October.

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