Mortgage Rates

December sales of previously-owned homes dipped to an 18-year low with a reading of 5.57 million sales on a seasonally-adjusted annual basis. Pre-owned home sales were expected to reach 5.73 million homes based on November's downwardly- revised reading of 5.78 million sales. December sales were 3.6 percent lower month-to-month, but were 1.10 percent higher year-over-year.

Last week's economic news included readings on home builder confidence, housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims were also released; the week wrapped with the University of Michigan's report on consumer sentiment.