Long-term US mortgage rise for fourth straight week


WASHINGTON (AP) — Long-term U.S. mortgage rates rose for the fourth straight week. The rates on 15-year, fixed-rate mortgages and five-year adjustable-rate mortgages hit the highest level since 2011.

Mortgage giant Freddie Mac says the rate on 30-year, fixed-rate mortgages averaged 4.22 percent this week, highest since March and up from 4.15 percent a week earlier. They stood at 4.19 a year ago.

The rate on 15-year, fixed-rate loans, popular among homeowners who refinance, rose to 3.68 percent this week, highest since July 2011 and up from 3.62 percent last week and 3.41 percent a year ago.

The five-year, adjustable rate rose to 3.53 percent from 3.52 percent last week and the highest since April 2011.

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