Article: MORTGAGE RATES HIT 2002 LEVEL SOME ECONOMISTS BELIEVE RATES ON 30-YEAR MORTGAGES COULD REACH 7 PERCENT BY THE END OF THIS YEAR.(BUSINESS)

Byline: Associated Press

WASHINGTON -- Rates on 30-year mortgages climbed this week to their highest point in nearly four years, a development that could put a further crimp in housing activity.

Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.49 percent for the week ending April 13. That was up from 6.43 percent last week and was the highest since mid-July 2002.

Mortgage rates rose as Wall Street investors fretted that an improving jobs climate could drive up wages and thus inflation, analysts said.

Some economists believe rates on 30-year mortgages could reach 7 percent by ...

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