Average 30-year fixed-rate mortgage rates in the US climbed after standing pat for three consecutive weeks, but stayed below four percent for the 12th straight week, according to the Washington Post.
Freddie Mac said the average rate on 30-year mortgages soared to 3.95 percent, up from 3.87 percent recorded last year, the lowest since long-term mortgages started in the 1950s. Meanwhile, the average rate for 15-year fixed mortgages also increased to 3.19 percent, from 3.16 percent last week. It hit a record low of 3.14 percent three weeks ago.
Additionally, the four-week average of mortgage applications to acquire homes fell in late January and February, while mortgage refinancing remains flat, said the Mortgage Bankers Association (MBA).
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