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New York

Mortgage rates rise

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Fixed mortgage rates in the U.S. rose last week, after a four-week decline in rates. The average rate for a 30-year mortgage hit 4.87 percent, up from 4.78 percent the previous week. The latter rate was the lowest reached since records were first kept in 1971. The Federal Reserve’s decision to purchase mortgage-backed bonds and treasuries had kept mortgage rates low.