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Mortgage Rates Creep Up

mortgage application
mortgage application

It’s getting more expensive to finance a home purchase.

Average rates for fixed mortgages inched a little higher last week.

Mortgage buyer Freddie Mac said that the rate on the 30-year loan increased to 4.48 percent from 4.47 percent last week.

The average on the 15-year fixed loan rose to 3.52 percent from 3.51 percent.

Mortgage rates are higher than they were a year ago when the 30-year fixed rate was 3.35 percent and the 15-year was 2.65 percent.

The National Association of Realtors said last week that the number of people who bought existing homes in November fell for a third straight month.

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