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US long-term mortgage rates rise, with 30-year at 3.56%

WASHINGTON (AP) — U.S. long-term mortgage rates rose this week but remained at historically low levels.

Mortgage buyer Freddie Mac said Thursday the rate on the 30-year, fixed-rate mortgage increased to 3.56% from 3.49% last week. Average rates on the benchmark loan have remained below 3.6% for four straight weeks — the first time that’s happened since the fourth quarter of 2016.

A year ago, the 30-year rate stood at 4.6%.

The average rate for 15-year, fixed-rate home loans rose to 3.09% from 3% last week.

Mortgage rates fell sharply over the summer as a slowing global economy and tensions from the trade war between the U.S. and China have caused interest rates on government bonds to tumble. The yields on government bonds, especially the 10-year Treasury note, influence long-term mortgage rates.

Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.

The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages was unchanged this week at 0.5 point.

The average fee for the 15-year mortgage fell to 0.5 point from 0.6 point.

The average rate for five-year adjustable-rate mortgages rose to 3.36% from 3.30% last week. The fee slipped to 0.3 point from 0.4 point.

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