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30-year mortgage rates rise

May 30, 2008|From Times Wire Services

Rates on 30-year fixed-rate mortgages averaged 6.08% this week, up from 5.98% last week and the highest level in 11 weeks, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages rose to 5.66%, up from 5.55%. The five-year adjustable-rate mortgage edged up to 5.62% from 5.61%. A one-year ARM edged down slightly to 5.22% from 5.24% last week.

These rates do not include add-on fees known as points. The nationwide average fee for 30-year and 15-year fixed-rate mortgages and one-year adjustable-rate mortgages was 0.6 point. The five-year ARM had an average fee of 0.5 point.

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