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Rates on fixed-rate mortgages ease back

Feb. 27, 2014 at 5:42 PM

WASHINGTON, Feb. 27 (UPI) -- Interest rates on fixed-rate loans rose for the fourth consecutive week, while adjustable rates eased back, the Federal Home Loan Mortgage Corp. said Thursday.

Interest rates for long-term loans "edged up with new home sales exceeding expectations," Freddie Mac vice president and Chief Economist Frank Nothaft said in a statement.

"The 9.6 percent increase in new home sales for January followed an upward revision of 13,000 units in December. The S&P/Case-Shiller 20-city composite ouse price index rose 13.4 percent over the 12-months ending in December 2013," he added.

Average rates on 30-year fixed-rate loans rose from 4.33 percent to 4.37 percent with 0.7 points in the week, Freddie Mac said.

A year ago, 30-year fixed-rate loans were priced at 3.51 percent.

Average interest rates on 15-year fixed-rate loans rose from 3.35 percent to 3.39 percent with 0.7 point. Those loans averaged 2.76 percent a year ago.

Rates on five-year adjustable loans averaged 3.05 percent, down from 3.08 percent in the previous week and up from 2.61 percent in the same week a year ago.

For one-year, adjustable rate loans, rates averaged 2.52 percent, up from 2.57 percent. One year prior rates for adjustable one-year loans averaged 2.64 percent.

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