30-Year Mortgage Rate Hits High for 2004
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The average rate on a 30-year, fixed-rate mortgage rose to 5.89% this week, up from 5.79% last week, mortgage giant Freddie Mac said. This week’s rate was the highest since 30-year mortgages averaged 6.02% the week of Dec. 5.
Rates for 15-year, fixed-rate mortgages increased this week to 5.23%, compared with 5.12% last week. For one-year adjustable mortgages, rates rose to 3.69% from 3.65%. This week’s rates for both 15-year loans and one-year ARMs also were the highest for this year.
The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year, 15-year and one-year loans all carried an average fee of 0.6 point this week.
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