Mortgage rates climbed for the sixth consecutive week but remain relatively low by historical standards. The uptick in rates can be attributed to improving economic reports and speculation that the Federal Reserve will scale back bond purchases.
The average rate on a 30-year fixed loan achieved a 14-month high and is closing in on the 4 percent mark. According to the latest survey by mortgage buyer Freddie Mac, the average on a 30-year fixed-rate mortgage is up 0.07 percentage point from last week, climbing from 3.91 percent to 3.98 percent.
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