PERSONAL FINANCE
Average 30-year mortgage rate rises to 4.37%
The Associated Press
WASHINGTON (AP) — Average U.S. rates on fixed mortgages rose last week but remained close to historically low levels.
Mortgage buyer Freddie Mac says the average rate for the 30-year loan increased to 4.37% from 4.28% last week. The average for the 15-year mortgage rose to 3.38% from 3.32%.
Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.
The increase was driven by speculation that the Federal Reserve would reduce its $85 billion-a-month bond purchases, which have helped keep long-term interest rates low.
Deeming the economy to be gaining strength, the Fed announced in December and January that it was reducing its monthly bond purchases.
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