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Old 11-03-2005, 09:41 AM
elva
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Lightbulb Stronger economic news pushed mortgage rates up for the eighth consecutive week

Stronger than expected economic news pushed mortgage rates up for the eighth consecutive week, and sent the one-year adjustable-rate mortgage to highs not seen in more than three years, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.31 percent for the week ended today, up from last week's average of 6.15 percent. The average for the 15-year fixed-rate mortgage is 5.85 percent, up from last week when it averaged 5.69 percent. Points on both the 30- and 15-year averaged 0.5.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.76 percent this week, with an average 0.5 point, up from last week when it averaged 5.63 percent. The one-year Treasury-indexed ARM averaged 5.09 percent, with an average 0.5 point, up from last week when it averaged 4.91 percent. This is the highest the one-year ARM has been since March 29, 2002, when it was 5.11 percent.

Read More: http://inman.com/inmannews.aspx?ID=48672
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