Keeping up with the rate news
Posted by Dawn Struss
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Mortgage finance company Freddie Mac says the average rate rose to 4.75 percent, up from 4.72 percent last week. The rate hit 4.71 percent in December, the lowest since Freddie Mac began keeping records in 1971.
The average rate on a 15-year fixed-rate mortgage edged up to 4.2 percent, up from its all-time low of 4.17 percent set last week.
A Federal Reserve program to reduce borrowing costs for consumers pushed rates down to extraordinarily low levels last year. Rates were expected to rise after the campaign ended this spring, but have declined instead over the past two months as investors shifted money into the safety of U.S. Treasury bonds.
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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