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Average rate on 30-year loan sinks

By Associated Press

POSTED:
LAST UPDATED: 05:41 a.m. HST, Jan 09, 2014


WASHINGTON » Average U.S. rates for fixed mortgages barely changed this week, hovering near historically low levels.

Mortgage buyer Freddie Mac says the average for the 30-year loan slipped to 4.51 percent from 4.53 percent last week. The average for the 15-year loan edged up to 3.56 percent from 3.55 percent.

Mortgage rates have risen more than a full percentage point since hitting record lows a year ago. The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases.

Last month, the Fed determined the economy was strong enough to start cutting those monthly purchases by $10 billion. The bond purchases have kept long-term interest rates low.

The rise in mortgage rates has slowed home sales, which have fallen for three straight months.







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saveparadise wrote:
But our politicians are telling us that $450,000.00 homes are affordable and they want to develop all our agricultural land to keep their end of the bargain with developers. To buyout or bankrupt all the locals and drive them from their land for profits is the goal.....insanity continues.
on January 9,2014 | 09:14AM
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