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By TOM REDDIN — The Charlotte Observer
As we head into the spring home-buying season, the housing market is picking up steam, and mortgage rates are still near historic lows. Many homebuyers are wondering where mortgage rates are heading this year as they consider purchasing a home.
Mortgage rates have ticked up a bit since the historic low recorded in November. According to Freddie Mac, rates in November hit 3.31 percent for a 30-year fixed-rate mortgage with 0.7 points paid at closing. As of Feb. 28, the average rate was 3.51 percent with 0.8 points paid. So rates have gradually risen since November, but are still near record lows and down from 3.90 percent at this time last year.
Let’s take a look at the market forces driving these conditions, and then I’ll give you my forecast on where mortgage ...
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