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Mortgage rates rise in weekly survey


Mortgage rates rose across the board over the past week, Freddie Mac reported Thursday.

Through Wednesday, the 30-year fixed rate averaged 3.94 percent, up four basis points over the prior week. A year ago, the rate averaged 4.13 percent. Other rates also rose.

 Freddie Mac’s Deputy Chief Economist Len Kiefer said that longer-term rates have bounced around within a range of 10 basis points since September.

"While long-term rates have been relatively steady week-to-week, shorter term interest rates have been on the rise,” Kiefer said. “The spread between the 30-year fixed mortgage and the 5/1 Hybrid ARM rate was 59 basis points this week, down 43 basis points from earlier this year.

“With a narrower spread between fixed and adjustable mortgage rates, more borrowers are opting for a fixed product,” Kiefer continued.  

The rate for a five-year ARM averaged 3.35 percent, just one basis point below the 15-year fixed mortgage rate. 


 

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