30-Year Rates Rise to 9-Month High
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Saturday, June 28, 2008
Rates on 30-year mortgages rose again this week, to their highest level in more than nine months, reflecting more concerns about how the Federal Reserve will respond to greater inflation pressures.
Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.45 percent this week. That was up from 6.42 percent last week.
Fed officials expressed heightened concern about inflation and signaled that their next move would most likely be a rate increase.
Other types of mortgages showed increases this week, too, according to the Freddie Mac survey.
Rates on 15-year, fixed-rate mortgages rose to 6.04 percent from 6.02 percent.
The average five-year, adjustable-rate mortgage rose to 5.99 percent from 5.89 percent. The average rate on a one-year ARM rose to 5.27 percent from 5.19 percent.
The mortgage rates do not include add-on fees known as points. The nationwide fee for 30-year, 15-year and one-year mortgages averaged 0.6 point. The fee on five-year mortgages averaged 0.7 point.
AWARDS . . . The Northern Virginia Association of Realtors named Luis A. Lama of Long & Foster in Falls Church its 2008 Realtor of the Year. Lama was the association's chairman in 2007.
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