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Updated: 2:13 PM Mar 25, 2005
Mortgage Rates
Mortgage rates now back above six percent. Posted: 6:05 AM Mar 26, 2005Reporter: Associated Press |
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Rising mortgage rates have now crossed a threshold.
Mortgage company Freddie Mac says 30-year mortgage rates have climbed for the sixth straight week and are now averaging more than six percent for the first time in eight months. This week's survey puts the average for 30-year fixed-rate mortgages at 6.01 percent, up from 5.95 last week.
A competing report from Bankrate-dot-com has rates taking an even steeper jump, to 6.15 percent.
Rates on 15-year fixed-rate mortgages and five-year adjustables also are higher this week, in both surveys.
Freddie Mac chief economist Frank Nothaft says fears of higher inflation have been pushing up interest rates in general, but he says mortgage rates remain at affordable levels and that we've yet to see much of a slowdown in the housing market.
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