Fixed Mortgage Rates Rise

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Recently, fixed-rate mortgage rates moved up slightly higher. According to Freddie Mac, the average interest rate at the end of May/beginning of June was 4.12%. Last week, lenders offered 30-year loans at an average rate of 4.14%. The rise occurred during a week the market’s direction was very unclear.

A year ago, the interest rate for fixed-rate mortgages was slightly over 3%. The recent rise is on the heels of five weeks of falling rates. The 15-year fixed mortgage rose from 3.21% last week to 3.23%. This is in the midst of lenders lowering their credit score requirements and the widening availability of jumbo loans.

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