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Mortgage rates rise slightly

Associated Press / May 8, 2009
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WASHINGTON - Rates on 30-year mortgages inched up this week after matching a record low a week earlier.

The mortgage finance giant Freddie Mac said the average rate on 30-year, fixed-rate mortgage rose to 4.84 percent, down from 4.78 percent last week.

Rates have been below 5 percent for eight consecutive weeks.

The record low of 4.78 percent was first recorded the week of April 2 and again last week. Freddie Mac's survey dates back to 1971.

Mortgage rates fell dramatically over the winter. They fell further after the Federal Reserve said in March that it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.

The average rate on a 15-year, fixed-rate mortgage rose to 4.51 percent this week, from 4.48 percent last week.

The rates do not include add-on fees known as points. Nationwide, the fee averaged 0.7 point last week for 30-year and 15-year mortgages.