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Average US rate on 30-year mortgage rises to 3.80 percent

Created: 02/26/2015 11:52 AM WNYT.com
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WASHINGTON (AP) — Average long-term U.S. mortgage rates have edged up for a third straight week while remaining near their historically low levels reached in May 2013.

Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage rose to 3.80 percent from 3.76 percent last week.

The rate for the 15-year loan, a popular choice for people who are refinancing, ticked up to 3.07 percent from 3.05 percent last week.

A year ago, the average 30-year mortgage stood at 4.37 percent and the 15-year mortgage at 3.39 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.

(Copyright 2015 by The Associated Press. All Rights Reserved.)

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