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Mortgage Rates Update > 3/15/2013

U.S. mortgage rates jumped over the past week to surpass their highest levels in six months.  The recent increases can be attributed to improved economic conditions as the unemployment rate dropped to 7.7% and an increase in retail sales figures.  All signs at the moment point to a continued economic recovery accompanied by higher mortgage interest rates, which were recently at their lowest levels in history.

The average rate for 30-Year Fixed Rate Mortgage climbed to around 3.65 percent to end the week while 15-Year Rates also increased to around 2.8 percent for the week.  The U.S. housing recovery is showing increased momentum. New mortgage applications were off slightly after large gains a couple of weeks back.

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