Average US rate on 30-year mortgage rises to 3.66 pct.
Source: AP
WASHINGTON (AP) — Average long-term U.S. mortgage rates rose slightly this week after four straight weeks of declines, while remaining near historically low levels.
Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage edged up to 3.66 percent from 3.63 percent last week. The new average rate is still at its lowest level since May 2013.
The rate for the 15-year loan, a popular choice for people who are refinancing, increased to 2.98 percent from 2.93 percent last week.
A year ago, the average 30-year mortgage stood at 4.32 percent and the 15-year mortgage at 3.40 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.
Read more: http://bigstory.ap.org/article/6387bd2fa8884c8f84c4f0ccfcff772c/average-us-rate-30-year-mortgage-rises-366-pct
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