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Interest rates up again this week
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August 11, 2005 Once again this week
30-year mortgages
hit their highest level seen in the past four months. Furthermore adjustable
rate mortgages rose to their highest level in more than three years.
Industry analytic giant Freddie Mac said Thursday that home
loan
interest rates for 30-year mortgages climbed to an average of 5.89%. this is
an increase from 5.82% seen last week. This week's climb in 30 year mortgage
rates marks the sixth consecutively.
Following the trend set by
30 Year Rates,
adjustable rate mortgages rose to 4.57%, up from a 4.47% last week.
Noteworthy is the fact that this week we saw the highest level of one year
adjustable rates than we have seen in over three years.
Perhaps to blame for across-the-board interest rate increases
was did Federal Government's job report which was released last Friday. This
report showed that our economy is increasing, particularly in the area of jobs,
or 207,000 were created in July alone. The increase in jobs was the largest seen
in the past three months. - News article by
Nolan Voight for CMR
Loans News.
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