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US Home Mortgage Rate Average Up To 4.37%

US Home Prices Post Largest Gain Since 2005
Photo by Joe Raedle/Getty Images

WASHINGTON (AP) — Average U.S. rates on fixed mortgages rose last week but remained close to historically low levels.

Mortgage buyer Freddie Mac says the average rate for the 30-year loan increased to 4.37 percent from 4.28 percent last week. The average for the 15-year mortgage rose to 3.38 percent from 3.32 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, which have helped keep long-term interest rates low. Deeming the economy to be gaining strength, the Fed announced in December and January that it was reducing its monthly bond purchases.


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 This material may not be published, broadcast, rewritten or redistributed.

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