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Mortgage rates in the U.S. jump to the highest since early May

U.S. mortgage rates jumped to a four-month high, increasing home-loan costs as the economy shows signs of strengthening.

By Prashant Gopal | Updated on September 18, 2014
Sept. 18 (Bloomberg) — U.S. mortgage rates jumped to a four-month high, increasing home-loan costs as the economy shows signs of strengthening.

The average rate for a 30-year fixed mortgage was 4.23 percent, up from 4.12 percent last week and the highest since early May, Freddie Mac said in a statement today. The average 15-year rate rose to 3.37 percent from 3.26 percent, according to the McLean, Virginia-based mortgage-finance company.

Federal Reserve policy makers yesterday tapered monthly bond buying to $15 billion in their seventh consecutive $10 billion cut, staying on course for an October end to the program intended to keep rates low. The Fed maintained a commitment to keep the benchmark interest rate near zero for a “considerable time” after the asset purchases are completed, saying the economy is expanding at a moderate pace.

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