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Mortgage rates rise notably as June closes


Home loan rate averages climbed toward the end of June.

The mortgage market experienced many strong signs of improvement in recent weeks and months, and one of these was a continued rise in mortgage rate averages.

There was a notable gain in the 30-year fixed-rate mortgage average for the week ending June 27, as it rose to 4.46 percent, a report from Freddie Mac explained. This was a substantial increase from the previous week's level of 3.93 percent.

For the 15-year FRM, the loan option averaged 3.5 percent during the week, Freddie's Primary Mortgage Market Survey noted. One week earlier, it was was 3.04 percent.

"Higher mortgage rates may dampen some housing market activity but the effect will be muted by the high level of buyer affordability, and home sales should remain strong." said Frank Nothaft, vice president and chief economist for Freddie Mac. "For instance, existing home sales in May rose to its strongest pace since November 2009 and new home sales were the most seen since July 2008."

This was not the only positive indicator of market improvement. A report from the National Association of Realtors noted that the level of pending home sales rose 6.7 percent in May compared to April.

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