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Mortgage rates rise for third consecutive week

Mortgage rates rose for the third consecutive week ahead of the Federal Reserve’s decision to make no change to the short-term rate, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 3.73 percent, up five basis points. A year ago, the rate averaged 3.78 percent. Other key rates also rose.

Freddie’s Chief Economist Sean Becketti said that Treasury yields moved up with a slight uptick in inflation, but noted that the Federal Open Market Committee  took no action on Wednesday after its March meeting.

“The Fed went further and acknowledged that economic signals have been mixed and that the pace of monetary tightening may be slower than had been assumed at the end of 2015," Becketti said. 


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