News Summary: US rate on 30-year loan at 3.98 pct.
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Source: Business News
Originally published: Jun 13, 2013 - 11:22 am
Originally published: Jun 13, 2013 - 11:22 am
(AP) - RATES UP: Fixed U.S. mortgage rates rose for the sixth straight week, putting the average rate on the 30-year loan just shy of 4 percent.
THE NUMBERS: Mortgage buyer Freddie Mac says the rate on the 30-year mortgage increased to 3.98 percent from 3.91 percent last week. The rate on the 15-year loan advanced to 3.10 percent from 3.03 percent. Both rates were the highest since April 2012.
REASON: Concerns that the Federal Reserve will scale back its bond purchases have pushed rates higher. Still, mortgage rates remain low by historical standards.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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