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Mortgage rates rise for fourth week
Fixed mortgage rates on long-term loans in the United States rose for the fourth consecutive week, the Federal Home Loan Mortgage Corp. said Thursday.
The higher rates, which suggest an increased demand for loans, are a potential sign of slowly growing vigor in the housing market.
Gains in residential building permits issued and in existing home sales in July hinted of a recovery in the market that set off the economic tumble of 2007.
Construction starts for single family homes fell in July, but multi-unit construction starts rose, said Freddie Mac Chief Economist and Vice President Freddie Nothaft.
For the week, the average 30-year fixed mortgage rose from 3.62 percent to 3.66 percent with an average 0.7 points, Freddie Mac said.
A year earlier, interest rates for 30-year, fixed-rate loans were at 4.22 percent.
For 15-year loans in the week ending Thursday, interest rates rose from 2.88 percent to 2.89 percent with an average 0.7 points. A year ago, 15-year loan rates averaged 3.44 percent.
Interest rates for five-year adjustable-rate mortgages rose from 2.76 percent to 2.8 percent in the week with 0.6 points. In the same week of 2011, rates for five-year ARM contracts stood at 3.07 percent.
The average interest rates for one-year ARM contracts fell from 2.69 percent to 2.66 percent in the week with 0.4 points. Rates a year ago for one-year ARM contracts averaged 2.93 percent.
Copyright 2012 by United Press International