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updated: 12/7/2017 9:59 AM

US mortgage rates rise, though remain historically low

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  • FILE - In this Monday, Feb. 27, 2017, file photo, real estate signs mark the lots near one of the new homes for sale in a development for new homes in Cranberry Township, Butler County, Pa. On Thursday, Dec. 7, 2017, Freddie Mac reports on the week’s average U.S. mortgage rates.

    FILE - In this Monday, Feb. 27, 2017, file photo, real estate signs mark the lots near one of the new homes for sale in a development for new homes in Cranberry Township, Butler County, Pa. On Thursday, Dec. 7, 2017, Freddie Mac reports on the week’s average U.S. mortgage rates.
    Associated Press

 
 

WASHINGTON -- U.S. mortgage rates rose this week as the economy showed signs of strength, which makes it more likely that the Federal Reserve will raise its short-term rate next week.

The rate on the benchmark 30-year fixed-rate mortgage rose to 3.94 percent from 3.9 percent last week, mortgage giant Freddie Mac said. The 15-year, fixed-rate mortgage, popular among homeowners seeking to refinance, also increased, rising to 3.36 percent from 3.3 percent.

The five-year adjustable mortgage rate rose for the third straight week to 3.35 percent, from 3.32 percent last week.

Shorter-term rates are rising more quickly than longer-term debt, and the gap between the 30-year mortgage and five-year has narrowed since the summer. As a result, more homebuyers are choosing the longer-term fixed rate, Freddie Mac says.

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