National News

Feb 20, 2014 10:16 AM by Associated Press

Average 30-year US mortgage rate up to 4.33 pct

WASHINGTON (AP) - Average U.S. rates on fixed mortgages rose this week but remained near historically low levels.

Mortgage buyer Freddie Mac says the average rate for the 30-year loan increased to 4.33 percent from 4.28 percent last week. The average for the 15-year mortgage edged up to 3.35 percent from 3.33 percent.

Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago. The increase was driven by speculation that the Federal Reserve would reduce its $85 billion-a-month bond purchases. Deeming the economy to be gaining strength, the Fed proceeded last month with planned reductions of its bond purchases, which have helped keep long-term interest rates low.

The housing market is expected to deliver another year of solid gains, helped by an improving economy.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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