Mortgage rates edge higher in week

Feb. 20, 2014 at 2:24 PM

WASHINGTON, Feb. 20 (UPI) -- Interest rates on long-term mortgage rose with a push from the rising yield on benchmark Treasuries, the Federal Home Loan Mortgage Corp. said Thursday.

The Federal Reserve's minutes from a late January meeting "indicated little possibility of a pause in the central bank's reduction of bond purchases," said Freddie Mac vice president and Chief Economist Frank Nothaft in a statement.

Average rates on 30-year fixed-rate loans rose from 4.28 percent to 4.33 percent with 0.7 points in the week, Freddie Mac said.

A year ago, 30-year fixed-rate loans were priced at 3.56 percent.

Average interest rates on 15-year fixed-rate loans rose from 3.33 percent to 3.35 percent with 0.7 point. Those loans averaged 2.77 percent a year ago.

Rates on five-year adjustable loans averaged 3.08 percent, up from 3.05 percent in the previous week and up from 2.64 percent in the same week a year ago.

For one-year, adjustable rate loans, rates averaged 2.57 percent, up from 2.55 percent. One year prior rates for adjustable one-year loans averaged 2.65 percent.

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