Mortgage rates rise

Mortgage rates rise

NEW YORK

The days of the absurdly low mortgage rate are over.

The average rate for a 30-year home loan rose above 5 percent this week for the first time since last April — just as Americans are feeling more secure in their jobs and confident about the economy, and just before the big spring home-buying rush.

Freddie Mac said Thursday that the average rate was 5.05 percent, almost a full percentage point higher than in November, when it hit a 40-year low.

Economic signals suggest the recovery is gaining momentum.

New claims for jobless benefits came in this week at the lowest in three years, and the unemployment rate has fallen nearly a full percentage point in two months. Americans are spending more and saving less.

The exception is the beleaguered housing market. Record foreclosures have forced home prices down, and last year was the worst for sales in more than a decade.

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 23.03 .04

Avalon Holdings,2.85.05

Clear Channel, .76 54.30 —.06

Cortland Bancorp, 6.00.15

Delphi Automotive, .02 .00

Farmers Nat., .12, 4.85 —.05

First Energy, 2.20, 40.30.37

FirstMerit Corp., .64,16.86 .01

First Niles Financial, .32,NA.00

First Place Fin., 2.60.02

FNB Corp., .48,10.29—.05

General Motors,35.88—.53

General Electric, .56,21.27—.04

Motors Liquidation, .09.00

Huntington Bank, .04, 7.38.01

JP Morgan Chase, .20,45.53.42

Key Corp, .04,9.30—.27

LaFarge, 15.40 —.07

Macy’s, .20, 24.22.32

Parker Hannifin, 1.28, 91.82.45

PNC, .40,63.85—.36

RTI Intl. Metals,27.54.54

Rural/Metro, 15.52 .27

Simon Prop. Grp.,3.20,106.41.95

Stoneridge 15.23 .11

United Community Fin. 1.50.02

Selected prices at 4 p.m. Thursday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.