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Daily Real Estate News | October 8, 2004
Mortgage Rates on the Increase
Freddie Mac reports that the average 30-year mortgage rate jumped from 5.72 percent to a one-month high of 5.82 percent this week. Interest on 15-year loans, meanwhile, rose from 5.12 percent to 5.24 percent; and the initial rate on one-year adjustable mortgages edged up from 3.97 percent to 4.08 percent.
Freddie Mac economist Amy Crews Cutts attributed the boost in rates to expectations of stronger economic growth in the coming months, which could drive up both inflation and interest rates.
Source: Sun Herald (Mississippi) (10/08/04); Aversa, Jeannine
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