Feb 20, 2014 10:16 AM by Associated Press
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.
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