US long-term mort­gage rates rise for 2nd week

The Garden Island - - Pau Hana Time - Christo­pher S. Ru­gaber

WASH­ING­TON — Long-term mort­gage rates rose for a sec­ond straight week as the av­er­age 30year fixed mort­gage rate in­creased to 3.91 per­cent, from 3.85 per­cent a week ago.

Mort­gage buyer Fred­die Mac says the 15-year home loan, fre­quently used by home­own­ers who re­fi­nanced their mort­gages, also jumped, ris­ing to 3.21 per­cent, from 3.15 per­cent.

Mort­gage rates have picked up a bit in the past month. The av­er­age 30-year rate fell to 3.78 per­cent in early Septem­ber, its low­est level this year.

Rates on home loans typ­i­cally track the yield on 10-year Trea­sury notes, which have in­creased in re­cent weeks.

Fed­eral Re­serve pol­i­cy­mak­ers in­di­cated in a meet­ing last month that they are likely to raise short­term rates for the third time this year in De­cem­ber, a move that can also lift longer-term rates.

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