1-Year Adjustable Rate Rises to 4.14%
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The average rate on one-year adjustable mortgages rose this week to 4.14%, the highest since December 2002, from 3.98% last week, according to Freddie Mac. The 30-year fixed mortgage rate also increased.
The one-year adjustable rate has risen from 3.36% in the week ended March 26, the lowest in two decades. The average 30-year mortgage rose to 6.30% this week, up from 6.28% last week and 5.38%, a nine-month low, in March, McLean, Va.-based Freddie Mac, the No. 2 buyer of U.S. mortgages, reported.
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