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30-year mortgage rate at 2-year high

7:47 PM, Jun. 27, 2013  |  Comments
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WASHINGTON - The average U.S. rate on a 30-year fixed mortgage surged this week to 4.46 percent, the highest in two years.

The increase from a 3.93 percent average last week was the largest one-week jump in 26 years, according to a report Thursday from mortgage buyer Freddie Mac. And it shows the Federal Reserve's hints that it might slow its bond purchases this year are already affecting consumers.

In the short run, a spike in rates could prompt more people to buy homes, giving the housing recovery an added boost. That's because would-be buyers would want to lock in the rates before they rise further.

But if rates continue to climb, eventually some buyers might feel priced out. That could slow homes sales at a crucial time.

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