Article: Mortgage rates climbing Refinancing activity slows as benchmark rate tops 6 percent

WASHINGTON -- Rates on benchmark 30-year mortgages this week broke through the 6 percent mark for the first time this year, rising to the highest level since early December.

Climbing mortgage rates are slowing refinancing activity and could turn off some prospective home buyers, economists say.

The average rate on 30-year fixed-rate mortgages for the week ending Aug. 1 was 6.14 percent, up sharply from last week's rate of 5.94 percent, mortgage giant Freddie Mac reported Thursday in its weekly nationwide survey.

This week's rate marked the highest since the week ending Dec. 6, 2002, when rates on 30-year mortgages averaged 6.19 percent.

The recent upward swing in mortgage rates marks a ...

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