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Mortgage Rates Return to Highest level Since 1 Year Ago! Can 6% be near?
Mortgage Rates Return To April 2010 Levels
Mortgage rates are surging in Georgia and across the nation. Atlanta Braves Baseball is just around the corner and so maybe 6% 30 year mortgage rates.
Over the last 7 days, conventional, 30-year fixed rate mortgage rates have jumped 24 basis points, or 0.24%, according to Freddie Mac's weekly Primary Mortgage Market Survey.
It's the largest 1-week spike in mortgage rates in recent history.
The 30-year fixed rate mortgage now averages 5.05% nationally. This is much, much higher than what we saw last November when mortgage rates were 4.17% and looked headed to the 3s.
That's not the case today. In fact, it's the opposite. 
Mortgage rates have risen quickly and fiercely this year. As of this morning, mortgage rates are higher over 9 consecutive days, marking the longest mortgage rate losing streak in the last 6 years, at least.
Note, however, that when you call your loan officer or bank, you may not be quoted the same 5.05% rate as shown by Freddie Mac. This is because Freddie Mac-reported rates are national averages. Any given mortgage rate may be higher or lower depending on its region. 
As an illustration, look how this week's rates breaks down ... more

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