BUSINESS
BUSINESS, ECONOMY, AND FINANCE
Mortgage rate rises to 3.4% on average
AP
![A for-sale sign at a home in Glenview, Ill. in October.](https://cdn.statically.io/img/www.usatoday.com/gcdn/media/USATODAY/USATODAY/2012/11/08/ap-mortgage-rates-16_9.jpg?width=660&height=373&fit=crop&format=pjpg&auto=webp)
- The average rate on 30-year mortgages rose to 3.40%
- The average for 15-year loans fell to 2.69%
- Both moves were small
WASHINGTON (AP) — The average interest rate on 30-year fixed mortgages was little changed this week, staying slightly above its record low.
Cheap mortgages are helping drive a modest housing recovery.
Mortgage buyer Freddie Mac says the rate on 30-year loans rose to an average 3.40% from 3.39% last week. Five weeks ago, the rate touched 3.36%, lowest level on records dating to 1971.
The average on the 15-year fixed mortgage slipped to 2.69%. That's down from 2.70% last week and close to the record low of 2.66% three weeks ago.
The average rate on the 30-year loan has been below 4% all year. It has fallen further since the Federal Reserve started buying mortgage bonds in September to encourage more borrowing and spending.
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