30-year mortgage rates climb

Average U.S. rates on fixed mortgages rose last week but remained close to historically low levels.
Oklahoman Published: March 14, 2014
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In brief

Mortgage

rates climb

— Average U.S. rates on fixed mortgages rose last week but remained close to historically low levels.

Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year loan increased to 4.37 percent from 4.28 percent last week. The average for the 15-year mortgage rose to 3.38 percent from 3.32 percent.

Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.

The increase was driven by speculation that the Federal Reserve would reduce its $85 billion-a-month bond purchases, which have helped keep long-term interest rates low.

Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.73 percent Wednesday, up from 2.71 percent a week earlier.

The average fee for a 30-year mortgage declined to 0.6 point from 0.7 point last week. The fee for a 15-year loan was unchanged at 0.6 point.

Associated Press