US rate on 30-year mortgage rises

US rate on 30-year mortgage rises

Credit: Getty Images

LOS ANGELES, CA - NOVEMBER 27: A "For Sale" sign is posted in front of a house on November 27, 2012 in Los Angeles, California. According to S&P Index reports, for the month of September home prices in major U.S. cities have risen as much as 3 percent as compared with the same month last year. (Photo by Kevork Djansezian/Getty Images)

Print
Email
|

Associated Press

Posted on March 14, 2013 at 8:52 AM

Updated Thursday, Mar 14 at 8:53 AM

(AP) — The average U.S. rate on the 30-year fixed mortgage rose this week to its highest level in seven months but remains near historic lows. Low mortgage rates have helped support the gradually recovering housing market.

Freddie Mac says the average rate for the 30-year fixed loan rose to 3.63 percent from 3.52 percent last week.

It's the highest rate since August. But it's still near the 3.31 percent reached in November, which was the lowest on records dating to 1971.

The average rate on the 15-year fixed mortgage rose to 2.79 percent, up from 2.76 percent last week. The record low is 2.63 percent.

Cheap mortgages are encouraging more people to buy or refinance and are helping sustain the economy's recovery. The increased sales are also helping lift home prices.

 

Copyright 2013 The Associated Press.

Print
Email
|