Mortgage rates increase slightly again

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Mortgage rates crept up again over the holiday week, according to Freddie Mac.

The 30-year, fixed-rate mortgage rose 0.5 percentage point to 4.86 percent this week. Last year at this time the average rate was 5.14 percent.

The average 15-year, fixed-rate mortgage rose 0.5 percentage point as well to 4.2 percent. Last year, the average rate was 4.54 percent.

“Interest rates on fixed mortgages and the 5-year Hybrid ARM rose slightly over the holiday week, but were still below the year’s highs set in the first half of 2010,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement. “For the year as a whole, 30-year fixed mortgage rates averaged just below 4.7 percent, which represented the lowest annual average since 1955 when secondary market yields on FHA mortgages were above 4.6 percent and the average price of a home was $22,000.”

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