Mortgage Rates Climb - Average 30-Year Above 5%
The rate on 15-year fixed-rate mortgages slipped to 3.
Mortgage rates have increased in recent weeks, in the midst of the spring home buying season, as the economy has shown signs of improvement.
Government data issued Tuesday showed that purchases of new U.
Sales of new homes have soared 24 percent year-to-date and are on pace for their best year since 2007.
They've been bolstered by the additional incomes from employers hiring 3.
A year ago, the average 30-year rate was 4.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week.
The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates.
One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was unchanged from last week at 0.
The fee for a 15-year loan rose to 0.
The average rate on five-year adjustable-rate mortgages fell to 2.
The average rate on one-year ARMs declined to 2.
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