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Fed's Efforts Fail to Lower Mortgage Rates

A rise in the 30-year fixed rate has been observed in the week ended Feb. 5 in spite of the attempts made by the Federal Reserve to bring it down further.

From 5.10 percent in the previous week, the mortgage rate rises to 5.25 percent this week, says a report published by Freddie Mac, a government-sponsored finance agency.

According to the experts, the rise in the rate of home loans is due to an increase in long-term Treasury bond yields. The increase in the interest rates by mortgage lenders in order to keep in check the mounting mumber of refinancing applications is another reason cited by them.

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