News Summary: US rate on 15-year loan tops 3 pct.

News Summary: Average US rate on 15-year mortgage above 3 pct. for first time in year

Associated Press

RATES UP: The average U.S. rate on a 15-year fixed mortgage rose above 3 percent this week, while the rate on the 30-year fixed loan approached 4 percent.

THE NUMBERS: Mortgage buyer Freddie Mac says the rate on the 30-year loan jumped to 3.91 percent from 3.81 percent. That's the highest since March of last year. The rate on the 15-year loan increased to 3.03 percent from 2.98 percent last week. That's the highest since May 2012.

REASON: Concerns that the Federal Reserve may scale back its bond purchases have pushed rates higher over the last month. Still, mortgage rates remain low by historical standards.

View Comments