Saturday, June 02, 2007

Mortgage Rates Hit 8 Month High

Rates on 30-year mortgages rose for a third straight week, hitting the highest level in eight months.
Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.42 percent in its nationwide survey this week. That was up slightly from 6.37 percent last week and represented the highest point for 30-year mortgages since they averaged 6.43 the week of Sept. 14.
Analysts attributed the increase to signs of economic strength outside of housing such as the April rise in orders for big-ticket manufactured goods.

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