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Article: Mortgage rates continue to climb
- Article from:
- Oakland Tribune
- Article date:
- February 29, 2008
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Copyright informationCopyright 2008 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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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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