Today, Thursday, May 29, 2008, Freddie Mac has disclosed that the 30-year fixed-rate mortgage average hit an 11-week high. The 30-year fixed-rate mortgage averaged 6.08% with an average 0.6 point for the week ending May 29. Last week, the average was 5.98%, and last year at this time it was 6.42%. "Mortgage rates drifted up this week over market concerns that the Federal Reserve Board may raise short-term rates later this year," said Frank Nothaft, Freddie Mac chief economist, in a statement. "A recent working paper published by the Federal Reserve Bank of Minneapolis suggested that the recent rate cuts run a risk of unhinging long-term market expectations for inflation."
Adapted from MarketWatch report.
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