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Mortgage rates increase slightly this week

Mortgage rates increased slightly this week.

Mortgage rates increased slightly this week.

Freddie Mac has released its weekly mortgage market survey, which revealed that both interests rates for 30-year and 15-year fixed-rate mortgages are slightly moving up.

The 30-year FRM had an average interest rate of 4.40 percent with an average 0.8 point for the week, a slight increase from the previous week when the average stood at 4.39 percent. The 15-year FRM averaged 3.77 percent interest with an average 0.7 point, a minor increase from last week when the figure was 3.76 percent.

Experts say more consumer spending and exports reflect the changing rates. Frank Nothaft, vice president and chief economist of Freddie Mac, says, “Average mortgage rates were largely unchanged from the prior week,” he said, noting the shortened holiday week. “Growth in gross domestic product in the third quarter was revised up from the initial estimate to an annualized rate of 2.5 percent.”

However, sales are still struggling. In its October housing report, economists with the National Association of Realtors said there could be an upside to sales activity if credit availability is offered to more buyers who plan on staying within a moderate budget.