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Mortgage rates rise ahead of the Fed's April meeting

Mortgage rates moved up over the past week but were still tracking below the average rate of a year ago, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 3.66 percent, up seven basis points from the prior week, Freddie reported. A year ago, the rate averaged 3.68 percent. Shorter term rates also rose.

Freddie’s Chief Economist Sean Becketti said that the uptick in rates came with a rise in 10-year Treasury yields. Yields dropped nine basis points after the Federal Open Market Committee announced Wednesday that it was keeping the benchmark interest rate unchanged.

However, the decline in Treasury yields came too late to affect Freddie’s survey of mortgage rates, Becketti said. 


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