Washington, D.C. (AP) - Rates on 30-year fixed mortgages rose slightly from their lowest level in decades, inching up to a national
average of 4.21 percent.
Mortgage buyer Freddie Mac says the average rate for 30-year
fixed loans was up from 4.19 percent the previous week. That was
the lowest level on records dating back to 1971.
The average rate on 15-year fixed loans rose to 3.64 percent.
That was up from 3.62 percent a weak earlier, the lowest weekly
average on records dating back to 1991.
Rates have been falling since April. The latest declines are
largely because investors have been buying up Treasury bonds in
anticipation of the Federal Reserve's likely move to buy Treasurys
to stimulate the economy. That demand lowers Treasury yields, which
mortgage rates tend to track.
(Copyright 2010 by The Associated Press. All Rights Reserved.)