Article: Mortgage rates continue to climb

WASHINGTON -- Rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than three months.

Freddie Mac, the mortgage company, reported Thursday that 30- year, fixed-rate mortgages averaged 6.24 percent this week, up from 6.04 percent last week.

That is the highest level since the week of Nov. 15 when 30-year rates also averaged 6.24 percent. It marked a significant reversal from the beginning of the year when 30-year rates dropped below 6 percent for six straight weeks reflecting a significant slowdown in the economy. That slowdown prompted the Federal Reserve to aggressively cut the short-term interest rate it controls by 1.25 percentage points in ...

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