Average 30-year, fixed mortgage rates hit 4.51%


WASHINGTON — The average U.S. rate on the 30-year fixed mortgage rose this week to 4.51 percent, a two-year high. Rates have been rising on expectations that the Federal Reserve will slow its bond purchases.

Mortgage buyer Freddie Mac says the average on the 30-year loan jumped from 4.29 percent the previous week. Two months ago, it was 3.35 percent — near the record low of 3.31 percent.

The average on the 15-year fixed mortgage rose to 3.53 percent from 3.39 percent last week, the highest since August, 2011.