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Interest Rates Rise for Home Buyers

Written by YeOleImposter on April 8th, 2006 at 2:11 am

The Wall Street Journal reports that according to Freddie Mac, the average rate for a 30-year fixed mortgage jumped to 6.43 percent from 6.35 percent this last week ending April 6, 2006.

Rates on 15-year fixed loans went from 6 percent to 6.10 percent, one-year adjustable mortgage rate rose from 5.51 percent to 5.57 percent, and five-year hybrid ARMs jumped from 6.02 percent to 6.11 percent.

The chief economist at Freddie Mac, Frank Nothaft, attributes the rise to economic growth and increasing energy prices. These have caused concerns about inflation.


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