30-Year Mortgages Up After 5-Week Decline
The average rate on 30-year mortgages rose this week after five consecutive declines that had brought it to a five-month low, according to Freddie Mac. Other rates also rose.
Although demand for mortgages grew, indications of a slow economic recovery confined the rate increase for 30-year mortgages. The average rate rose to 6.79% this week from 6.78% a week earlier.
The 15-year mortgage, a popular refinancing option, rose to 6.27% from 6.26%. The one-year adjustable rate rose to 4.80% from 4.75%.
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