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year mortgage slips to 3

mortgage rates edged slightly lower this week after two straight weeks of sharp increases. Expectations persist that the Federal Reserve may soon raise its key short term interest rate.

Mortgage giant Freddie Mac said Thursday the average rate on a 30 year fixed rate mortgage slipped to 3.97 per cent from 3.98 per cent a week earlier. The key 30 year rate was close to its level of a year ago, 3.99 per cent.

While it kept the key rate at a record low near zero, the Fed recently signalled the possibility that a rate hike could come at its next meeting in December. Fed officials believed last month that the economic conditions needed to trigger the first interest rate hike in nearly a decade could be met by that time, minutes of their October discussions released Wednesday showed.

To calculate average mortgage rates, cheap nfl jerseysFreddie Mac surveys lenders across the country at the beginning of each week. The average doesn include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 per cent of the loan amount.

The average fee for a 30 year mortgage was unchanged from last week at 0.6 point. The fee for a 15 year loan declined to 0.5 point from 0.6 point.

The average rate on five year adjustable rate mortgages dipped to 2.98 per cent from 3.03 per cent; the fee rose to 0.5 point from 0.4 point. The average rate on one year ARMs edged down to 2.64 per cent from 2.65 per cent; the fee increased to 0.3 point from 0.2 point.