Mortgage Rate Rises

WASHINGTON (October 25, 2012)--Mortgage buyer Freddie Mac said Thursday the rate on a 30-year fixed mortgage edged up to 3.41 percent, from 3.37 last week.

Three weeks ago, the rate touched 3.36 percent, the lowest level on records dating to 1971.

The average rate on the 15-year fixed mortgage, often used for refinancing, rose to 2.72 percent, up from last week's record low of 2.66 percent.

The rate on the 30-year loan has remained below 4 percent all year, helping drive a modest housing recovery and rates have fallen even further since the Federal Reserve started buying mortgage bonds in September to try to encourage more borrowing and spending.


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