Business in brief

Rates on the rise for fourth week

Olympian news services

WASHINGTON -- Rates on 30-year and 15-year mortgages rose for the fourth week in a row amid signs that the country is recovering from a recession.

Freddie Mac, the mortgage company, reported that the average interest rate on 30-year fixed-rate mortgages rose to 7.18 percent, up from 7.14 percent the previous week, according to a nationwide survey released last week. A year ago this time, 30-year mortgages averaged 6.91 percent.

Rates on 30-year mortgages hit a low of 6.45 percent in early November, their lowest point since Freddie Mac began conducting its nationwide survey in 1971.

Even though rates have moved higher since that time, analysts believe that mortgage rates will be fairly stable this year and will continue to support the housing market.

The Olympian Copyright 2002

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