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U.S. Long-Term Mortgage Rates Rise – 30-Year at 3.75%

WASHINGTON (AP) – U.S. long-term mortgage rates rose this week amid optimism over prospects for the U.S. economy. Rates remain at historically low levels, however, as an incentive to prospective homebuyers.

Mortgage giant Freddie Mac says the average rate for a 30-year fixed-rate mortgage jumped to 3.75% from 3.69% last week. By contrast, the benchmark rate stood at 4.94% a year ago.

The average rate on a 15-year mortgage increased to 3.2% this week, up from 3.13% last week.

Federal Reserve Chairman Jerome Powell told Congress this week that the central bank remains optimistic about the U.S. economy, though it still faces risks from slower growth overseas and trade tensions.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

                                                                                                                                                                                                                                                                                                                

Information provided by Florida Realtors.  Click here to see the original article.

Reprinted with permission Florida Realtors. All rights reserved. 

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