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Latest Business News: Rate on 30-year Mortgage at 2-year High: 4.51 Pct.

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Latest Business News: Rate on 30-year Mortgage at 2-year High: 4.51 Pct.

Latest Business News: Rate on 30-year Mortgage at 2-year High: 4.51 Pct.
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Latest Business News: Rate on 30-year Mortgage at 2-year High: 4.51 Pct.

Wochit 0:54 mins

The average U.S. rate on a 30-year fixed mortgage rose this week to 4.51 percent, a two-year high. Rates have been rising on expectations that the Federal Reserve will slow its bond purchases this year. According to mortgage financing company Freddie Mac, the 30-year mortgage rate rose to its highest level in nearly two years. After a slight pause, Freddie Mac said rates climbed just over two tenths of a percentage point to 4.51% for a 30-year, fixed-rate loan, the highest it has been since the week of July 28, 2011. Stocks rose after comments by the Federal Reserve chairman, Ben S. Bernanke, indicated the central bank was unlikely to scale back its stimulus measures earlier than expected.

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