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After months of apparent indecisiveness, mortgages rates seem
to have decided on a direction and are heading toward it.
Unfortunately that direction is up!
Both of the mortgage market surveys we track reported rates at their highest
levels since mid-2002 and in one case since 2001.
Freddie Mac's Weekly Primary Mortgage Market Survey states that the average
rate for a 30-year fixed rate mortgage during the week ended March 9 was 6.37,
up 13 basis points from the previous week. Fees and points were unchanged at
0.6. This was the highest interest rate recorded by the survey since July, 2002
when rates were 6.49 percent.
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