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US mortgage rate on 30-year loan inches upward

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WASHINGTON (AP) — US long-term mortgage rates moved little this week after the key 30-year-loan rate marked its steepest weekly drop in a decade the week before.

Mortgage buyer Freddie Mac says the average rate on the 30-year fixed-rate mortgage ticked up from 4.06 percent to 4.08 percent. It had plunged from 4.28 percent last week. The average rate on the benchmark loan stood at 4.4 percent a year ago.

The average rate this week for 15-year fixed-rate home loans slipped from 3.57 percent last week to 3.56 percent this week.

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