Submitted by Fox First at Ten on October 11th
By The Associated Press
RATES NEAR RECORD LOWS: Average U.S. rates on fixed mortgages ticked up from record lows this week. Cheaper mortgages are fueling a modest housing recovery that could help the broader economy.
THE NUMBERS: The average rate on the 30-year mortgage rose to 3.39 percent. That's up from last week's 3.36 percent, the lowest since long-term mortgages began in the 1950s. The rate on the 15-year loan edged up to 2.70 percent from last week's record low 2.69 percent.
RATES FALLING: Rates have fallen since the Federal Reserve started buying mortgage bonds in September to encourage more borrowing and spending.
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