30-year loan rate at 4.51%
Mortgage buyer Freddie Mac said the average for the 30-year loan slipped to 4.51 percent from 4.53 percent last week. The average for the 15-year loan edged up to 3.56 percent from 3.55 percent.
Mortgage rates have risen more than a full percentage point since hitting record lows a year ago, driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases.
The Fed determined the economy was strong enough to start cutting those monthly purchases by $10 billion. The bond purchases have kept long-term interest rates low.
The rise in mortgage rates has slowed home sales, which have fallen for three straight months.
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