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Mortgage Rates Close In On 6 Percent

Posted: 10:32 am MDT August 11, 2005Updated: 10:48 am MDT August 11, 2005

Mortgage rates edged higher again this week.

Mortgage company Freddie Mac said its weekly survey found that the 30-year fixed-rate mortgage averaged 5.89 percent, up from last week when it was at 5.82 percent.

Last year at this time, the 30-year averaged 5.85 percent.

A competing survey from Bankrate.com had 30-year fixed-rate mortgage climbing from 5.91 percent to 5.96 percent.

Freddie Mac's survey found the average for 15-year mortgages this week was 5.47 percent, up from last week when it averaged 5.38 percent.

Bankrate.com's survey found that the average 15-year mortgage rate increased from 5.51 percent to 5.56 percent.

Freddie Mac economist Frank Nothaft said the stronger-than-expected employment report -- coupled with upward revisions in job growth for the previous two months -- has renewed the markets' fear of inflation.

That has rates rising.

He said as mortgage rates drift upward, housing activity should moderate.

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