Bloomberg – Prashant Gopal
U.S. mortgage rates for 30-year loans climbed for a third week, increasing borrowing costs as harsh weather contributes to slowing demand for homes.
The average rate for a 30-year fixed mortgage was 4.37 percent this week, up from 4.33 percent, Freddie Mac said today. The average 15-year rate rose to 3.39 percent from 3.35 percent, the McLean, Virginia-based mortgage-finance company said.
While home prices continue to recover, tight inventories, rigid lending standards and freezing temperatures in many parts of the U.S. are contributing to a drop in sales. (ETSLTOTL) Applications for home-purchase loans fell 3.5 percent last week to the lowest level since August 1995, according to a Mortgage Bankers Association index released yesterday.
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