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Economic Report: Buying a house just got more expensive: Mortgage rates rise for first time in 7 weeks

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Home owners take note: Interest rates on mortgages rose in late September for the first time in nearly two months.

Home buyers beware: The cost of financing the purchase of a new home rose in late September for the first time in nearly two months.

The interest rate on a 30-year fixed mortgage rose to an average of 3.83% from 3.78% in the week ended Sept. 21, according to Freddie Mac. That’s the first increase in seven weeks and reverses a steady drop in rates after they topped 4% in mid-July.

The rate on a 30-year mortgage is up significantly from 3.48% at the same time in 2016, but it’s below a recent peak of 4.32% last December.

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