Mortgage rates increase for fourth time in 5 weeks
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interest rates, Mortgage Interest Rates March 14th, 2008WASHINGTON (AP) — Average 30-year fixed-rate mortgages hit 6.13%, up from 6.03%, the fourth increase in the past five weeks, Freddie Mac reported Thursday.
Rates on 30-year mortgages dropped below the 6% threshold in the second week of January and stayed there for six straight weeks as the economic slowdown stirred concerns about a possible recession.
However, in the past month, bond markets have grown worried about rising inflation pressures that are coming as the economy slows. Bond investors are always on the watch for any hints that inflation pressures could be increasing since higher inflation erodes the value of their fixed-rate bonds.
The 6.13% reading on 30-year mortgages was the highest level since they averaged 6.24% two weeks ago. It marked the fourth straight week that 30-year mortgages have been above 6%.
Tags: interest rates, Mortgage Interest Rates
