Average 30-year fixed mortgage rises to 4.83 pct.

NEW YORK (AP) - Deceber 16, 2010

Freddie Mac says the average rate on a 30-year fixed mortgage rose to 4.83 percent from 4.61 percent in the previous week. Last month, the rate hit a 40-year low of 4.17 percent.

The average rate on the 15-year loan also increased to 4.17 percent from 3.96 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Investors are shifting money out of Treasurys and into stocks. That's largely on the expectation that the tax-cut plan that Congress is set to approve will spur growth and potentially higher inflation.

Yields tend to rise on fears of higher inflation. Mortgage rates track the yields on the 10-year Treasury note.

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