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Article: MORTGAGE RATES AT HIGHEST LEVEL SINCE 1997 AVERAGE PAID THIS WEEK WAS 7.23 PERCENT.(Business)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- May 21, 1999
CopyrightCOPYRIGHT 1999 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. 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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The average interest rate on 30-year fixed-rate mortgages has jumped to its highest level since November 1997, an expected reaction to a Federal Reserve warning it might raise a key interest rate.
The average this week was 7.23 percent, up from 7.10 percent the previous week, the mortgage company Freddie Mac said yesterday.
Federal Reserve officials said Tuesday if signs of inflation continue to show up in the U.S. economy, they were leaning toward raising, later this year, the interest rate banks charge each other.
Last week, the government reported consumer prices rose by 0.7 percent in April, the biggest monthly jump in nine years.
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