August 2, 2012

30-year mortgage rate rises to 3.55%

The average U.S. rate on the 30-year fixed mortgage rose this week after falling to new record lows in each of the past 13 weeks, The Associated Press reports.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to 3.55 percent. That's up from 3.49 percent last week, which was the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage, a popular refinancing option, increased to 2.83 percent. That's above last week's record low of 2.80 percent.

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