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LOS ANGELES – The average rate on a 30-year mortgage edged higher this week, holding close to its lowest level in more than a year.
The rate rose to 6.49% from 6.47% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.09%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate up to 5.66% from 5.63% last week. A year ago, it averaged 6.46%, Freddie Mac said.
Despite the modest uptick, mortgage rates are expected to keep trending lower overall this year, as signs of waning inflation and a cooling job market have raised expectations that the Federal Reserve will cut its benchmark interest rate next month for the first time in four years.
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