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Rate on 30-year mortgage ticks up to 4.88 percent

WASHINGTON – March 11, 2011 – Fixed mortgage rates were relatively flat this week, with the 30-year loan just under 5 percent.

Freddie Mac says the average rate on a 30-year fixed mortgage ticked up to 4.88 percent from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year fixed home loan stayed steady at 4.15 percent from the previous week. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Mortgage rates tend to track the yield on the 10-year Treasury note.