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Article: Mortgage rates expected to climb; Interest rates tick upward after news on jobs.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- October 4, 2003
- Author:
CopyrightCOPYRIGHT 2003 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jim Buchta; Staff Writer
After a steady, monthlong decline in mortgage interest rates that approached record lows, Friday's rosy employment news is likely to cause rates to spring back up.
In Freddie Mac's weekly nationwide survey of mortgage interest rates on Thursday, the average rate for a 30-year mortgage dipped to a low of 5.77 percent, down from 5.98 percent the week before.
But when the Labor Department said Friday that the nation's employment numbers held steady, stock prices rose, bond prices fell and mortgage interest rates responded in kind. Lenders throughout the Twin Cities reported a slight increase in rates Friday morning, ...