NEW YORK CITY-Fixed mortgage rates increased for the fourth consecutive week to reach 4.61%. The increase could hinder the housing market and slow down refinancings.
According to Freddie Mac, the average rate on a fixed loan for 30 years witnessed a dramatic increase when compared to previous week's rates and represented an even larger increase compared to last month's rate. This marks the first increase in seven months. For the full story, go to Chicago Sun-Times.
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