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I told you so! (rates take highest jump in over three years)
Interest rates on long-term mortgages have risen sharply in the last couple of weeks. Last Thursday, Freddie Mac announced that the average 30 year fixed rate mortgage stood at 6.74% -- the highest it's been in nearly a year. "Mortgage rates moved sharply upward this week, with rates on 30-year fixed-rate mortgages jumping more than 20 basis points, the largest upward movement in over three years," said Frank Nothaft, Freddie Mac vice president and chief economist. "These moves parallel rising yields on Treasury securities, as concerns about inflation pressures and continuing strength of consumer and business spending have dimmed hopes for an interest rate cut."Let me get it out of my system up front, so I can focus on what this information means to us:I TOLD YOU SO!!Thanks. I feel better already.Before I get into what you should do with this information, let's go a level or two beneath the headlines to see what's going on that has caused rates to spike in the last couple of weeks.The global economy is facing inflationary pressure these days -- and that's not a bad thing, in many ways, since it shows good growth globally. The European Central Bank raised its interest rates to ... more

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