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Business Briefing / Real Estate

Mortgage rates rise above 5%

June 05, 2009|Times Wire Reports

Average rates on 30-year fixed-rate mortgages rose to 5.29% this week from 4.91% a week earlier, mortgage company Freddie Mac said. It was the highest weekly average in nearly six months and the first time rates were above 5% since the week of March 12.

The average rate on a 15-year fixed-rate mortgage rose to 4.79% from 4.53%. Five-year, adjustable-rate mortgages inched up to 4.85% from 4.82%. Rates on one-year adjustable-rate mortgages rose to 4.81% from 4.69%.

The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 of a point last week for 30-year and 15-year mortgages, and 0.6 of a point for five-year and one-year adjustable rate loans.

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