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Mortgage rates little changed in week

Nov. 8, 2012 at 11:58 AM

WASHINGTON, Nov. 8 (UPI) -- Fixed mortgage rates on long-term loans in the United States were mixed in the week that ended Thursday, the Federal Home Loan Mortgage Corp. said.

The average 30-year fixed mortgage interest rate rose from 3.39 percent to 3.4 percent with an average 0.7 points, Freddie Mac said.

A year earlier, interest rates for 30-year, fixed-rate loans were at 3.99 percent.

For 15-year loans, interest rates fell from 2.7 percent to 2.69 percent with an average 0.7 points. A year ago, 15-year loan rates averaged 3.3 percent.

Average interest rates for five-year adjustable-rate mortgages were down from 2.74 percent to 2.73 percent with 0.6 point. In the same week of 2011, rates for five-year ARM contracts stood at 2.98 percent.

The average interest rate for one-year ARM contracts climbed from 2.58 percent to 2.59 in the week with 0.4 points.

Rates a year ago for one-year ARM contracts averaged 2.95 percent.

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