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Fixed Mortgages Hit Eight-Month High
Stock quotes in this article:
FRE
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Fixed mortgage rates surged to an eight-month high this week, according to Freddie Mac's(FRE Quote) weekly survey.
Rates climbed as Federal Reserve officials voiced concern about inflation, indicating that the agency may boost its interest-rate target. Still, most rates are far below year-ago levels.
The rate for 30-year fixed mortgages averaged 6.32% for the week ended Thursday, with an average upfront payment of seven-tenths of a point. That's up sharply from the average 6.09% a week earlier, but far below the average 6.74% rate a year ago.
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