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US economy grew at 3.2 percent annual rate in Q4, boosted by best consumer spending in 3 years

The U.S. economy grew at a 3.2 percent annual rate in the October-December quarter on the strength of the strongest consumer spending in three years, an encouraging sign for 2014.

The fourth-quarter increase followed a 4.1 percent growth rate in the July-September quarter, when the economy was boosted by a buildup in business stockpiles.

The Commerce Department says that for 2013 as a whole, the economy grew a tepid 1.9 percent, below the 2.8 percent increase in 2012. Growth was held back last year by higher federal taxes and government spending cuts.

With that drag removed, many economists think growth could top 3 percent in 2014, which would be the best performance since the recession ended in mid-2009.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.92% up 3.91%  
15 Y Fixed Graph 3.05% dw 3.08%  
30 Y Fixed Jumbo Graph 4.25% dw 4.27%  
5/1 ARM Graph 3.03% dw 3.14%  
5/1 Jumbo ARM Graph 3.36% dw 3.46%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.47% up 4.46%  
$50K HELOC Graph 4.05% dw 4.06%  
$30K Loan Graph 5.07% -- 5.07%  
$50K Loan Graph 4.54% -- 4.54%  
$75K Loan Graph 4.54% -- 4.54%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.90% up 2.69%  
36 M Used Graph 3.29% up 3.16%  
48 M New Graph 3.02% up 2.76%  
48 M Used Graph 2.87% up 2.75%  
60 M New Graph 3.08% -- 3.08%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.37% -- 0.37%  
1 yr Graph 0.62% up 0.61%  
5 yr Graph 1.43% dw 1.44%