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Daily Real Estate News  |  June 23, 2006  |   Rates Rise on Inflation Fears Concerns about inflation pushed the 30-year fixed mortgage rate to 6.71 percent this week from 6.63 percent last week, to what Freddie Mac says is the highest level seen since May 2002. The 15-year fixed mortgage rate rose as well, climbing to 6.36 percent from 6.25 percent over the same time span. The one-year adjustable mortgage rate edged up to 5.75 percent from 5.66 percent; and the five-year hybrid ARM surged to 6.32 percent from 6.23 percent. Frank Nothaft, chief economist at Freddie Mac, notes analysts believe interest rate hikes will be instituted by the Federal Reserve at its June and August meetings. Source: Detroit Free Press, Martin Crutsinger (06/23/06) © Copyright 2006 Information Inc.

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