Avg. mortgage rate up to 4.35 pct. off decades-low

By: Associated Press
By: Associated Press

Thursday, September 9, 2010

WASHINGTON (AP) -- Mortgage rates mostly edged up last week as investors' fears about the economy eased.

Mortgage buyer Freddie Mac says the average rate for a 30-year fixed loan was 4.35 percent, up from 4.32 percent the week before. It was only the second rise in the past 12 weeks. Last week's was the lowest number since Freddie Mac began tracking rates in 1971.

The average rate on a 15-year fixed loan remained at 3.83 percent after falling last week. It's still the lowest rate on records starting in 1991.

Rates have been falling since spring as investors shift money into safe Treasury bonds. That influx of money has lowered Treasury yields, which mortgage rates tend to track.

But improved economic news this month has drawn some money back into the stock market.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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