Friday, January 28, 2011

Rate on 30-year fixed mortgage rises to 4.80%

The average rate on a 30-year fixed mortgage rose for the second week in a row, buoyed by higher bond yields.
Freddie Mac said Thursday that the average rate rose to 4.80 percent this week from 4.74 percent the previous week. The average rate on the 15-year loan, a popular refinance option, inched up to 4.09 percent from 4.05 percent.
The 30-year loan rate reached a 40-year low of 4.17 percent in November, and the 15-year mortgage rate fell to 3.57 percent, the lowest level on records dating back to 1991.

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