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Summary Box: Key mortgage rate rises to 4.80 pct.

Associated Press Modified: January 27, 2011 at 12:09 pm •  Published: January 27, 2011
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KEY RATE RISES: Freddie Mac said the average rate on the 30-year fixed mortgage rose to 4.80 percent from 4.74 percent. The rate on the 15-year fixed loan also edged up to 4.09 percent from 4.05 percent.

CONSECUTIVE INCREASES: Mortgage rates rose for the second week in a row, riding higher bond yields.

HOUSING IMPACT: Historically low mortgage rates last year did little to help the beleaguered market as sales of previously owned homes were the worst on record since 1997.