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Average Interest Rate On 30-Year Loan At 4.39%

Home Prices Rise Sharply In May
Photo by Justin Sullivan/Getty Images

WASHINGTON (AP) — Average U.S. rates for fixed mortgages changed little this week.

Mortgage buyer Freddie Mac says the average for the 30-year loan declined to 4.39 percent from 4.41 percent last week. The average for the 15-year loan eased to 3.44 percent from 3.45 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 in bond purchases. The Fed determined last month that the economy was strong enough to start trimming the purchases, which have kept long-term interest rates low.

The rise in mortgage rates and higher home prices slowed sales of existing homes, which have fallen for three straight months.


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 This material may not be published, broadcast, rewritten or redistributed.

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