NATION

NATION

Average fixed-rate for mortgages increases

McLEAN, Va. — The average fixed-rate for a 30-year mortgage climbed above 5 percent for the first time in two months, leading to a decline in mortgage applications.

The average fixed rate on a 30-year mortgage was 5.05 percent this week, up from 4.94 percent last week, Freddie Mac said Thursday. The last time rates were above 5 percent was the week ending Oct. 29, when they were 5.03 percent.

The average rate on a 15-year fixed mortgage rose to 4.45 percent from 4.38 percent last week.

Countrywide, consumers reach deal on breach

LOUISVILLE, Ky. — A federal judge has given preliminary approval to a settlement between Countrywide Financial Corp., and millions of customers whose detailed financial information was exposed in a security breach.

Under the terms of the settlement, Countrywide, now owned by Bank of America, would give up to 17 million people whose information was exposed during the security breach free credit monitoring. That group includes anyone who obtained a mortgage and anyone who used Countrywide to service a mortgage prior to July 1, 2008.

The settlement entitles a person up to $50,000 in reimbursements from Countrywide per instance of identity theft, provided they actually lost something of value, were not reimbursed and it is more likely than not the theft stemmed from Countrywide.