Mortgage interest rates climbing - KWWL - Eastern Iowa Breaking News, Weather, Closings

Mortgage interest rates climbing

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WASHINGTON, D.C. (KWWL) -

Fixed mortgage rates rose this week by the most in four months.

Freddie Mac says the average rate on a 30-year loan has increased to 4.60 percent, up from 4.51 percent a week ago.  It hit its lowest level of the year three weeks ago, at 4.49 percent.

The average rate on the 15-year fixed mortgage, a popular refinancing option, rose to 3.75 percent.  It reached its low point of the year two weeks ago, at 3.67 percent.

Mortgage rates could rise further now that the Federal Reserve's $600 billion bond buying program has ended.

Low mortgage rates and plummeting home prices have done little to boost the troubled housing market.

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