US rate on 30-year mortgage steady at 3.53 pct

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Posted: Thursday, February 14, 2013 10:22 am

WASHINGTON (AP) -- The average U.S. rate on the 30-year fixed mortgage was unchanged for a second week, remaining near historic lows. The average rate on the 15-year mortgage also stayed the same. Low mortgage rates are helping to strengthen the housing recovery.

Mortgage buyer Freddie Mac says that the rate on the 30-year low stayed at 3.53 percent. That's near the 3.31 percent reached in November, which was the lowest on record going back to 1971.

The rate on the 15-year fixed mortgage stayed at 2.77 percent for a second week. The record low is 2.63 percent.

The one-year adjustable mortgage was the only rate to change this week. It averaged 2.61 percent, up from 2.53 percent last week.

Cheap mortgages are giving a boost to the slowly improving housing market.

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