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Tuesday, February 25, 2020  Spokane, Washington  Est. May 19, 1883
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Long-term mortgages rise to highest level since mid-May

In this Thursday, Dec. 3, 2015, file photo, a home under construction and for sale is shown in Roswell, Ga. (John Bazemore / Associated Press)
In this Thursday, Dec. 3, 2015, file photo, a home under construction and for sale is shown in Roswell, Ga. (John Bazemore / Associated Press)
By Paul Wiseman Associated Press

WASHINGTON – Long-term U.S. mortgage rates rose this week to highest level since mid-May.

Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate mortgages rose to an average 3.96 percent from 3.88 percent last week. It stood at 3.41 percent a year ago. The rate on 15-year, fixed-rate home loans, popular with homeowners who are refinancing their mortgages, rose to 3.22 percent from 3.17 percent. A year ago, it was 2.74 percent.

Sean Becketti, Freddie Mac’s chief economist, said the higher mortgage rates reflect higher global interest rates. The yield on the 10-year Treasury note, which influences mortgage rates, has risen to 2.37 percent from 2.27 percent a week ago.

Still, mortgage rates remain historically low, even though the Federal Reserve has begun to ratchet up short-term interest rates.

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