Mortgage rates little changed in week

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WASHINGTON, March 7 (UPI) -- Long-term U.S. mortgage rates were little changed in the week, the Federal Home Loan Mortgage Corp. said Thursday.

Rates for 30-year, fixed-rate mortgages rose from 3.51 percent with an average 0.7 point to 3.52 percent, Freddie Mac said.

Rates for 15-year contracts were unchanged at 2.76 percent with an average 0.7 point.

One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates.

Interest rates for five-year adjustable rate mortgages rose from 2.61 percent with an average of 0.5 points to 2.63 percent.

One-year adjustable rate mortgages using 10-year bonds as a benchmark, averaged 2.63 percent with 0.3 point in the week, down from 2.64 percent in the previous week.