Rate on 30-Year Fixed Mortgage Rises to 4.60 Percent

By: Associated Press
By: Associated Press

WASHINGTON (AP) - Fixed mortgage rates rose this week by the
most in four months.

Freddie Mac says the average rate on the 30-year loan increased
to 4.60 percent, up from 4.51 percent a week ago. It hit its lowest
level of the year three weeks ago, at 4.49 percent.

The average rate on the 15-year fixed mortgage, a popular
refinancing option, rose to 3.75 percent. It reached its low point
of the year two weeks ago, at 3.67 percent.

Rates typically track the yield on the 10-year Treasury note,
which has been rising. And mortgage rates could rise further now
that the Federal Reserve's $600 billion bond buying program has
ended.

Low mortgage rates and plummeting home prices have done little
to boost the troubled housing market.


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