30-Year Mortgage Rates Surpass 6%
Rates on 30-year mortgages climbed above 6% this week for the first time in 2004 as more signs of an improving economy triggered concerns about what effect the stronger growth will have on inflation.
Rates on 30-year fixed-rate mortgages rose to 6.01%, up from 5.94%, marking the sixth consecutive weekly increase, Freddie Mac reported.
Rates for 15-year fixed-rate mortgages climbed to 5.35%, up from 5.25% last week. For one-year adjustable rate mortgages, rates were 3.75%, up from 3.69% last week.
The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year rate carried an average fee of 0.7 point this week while the 15-year and one-year both carried an average fee of 0.6 point.
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