Mortgage Rates Increase to 6.35%

Rates on [tag]30-year mortgages[/tag] rose this week after the [tag]Federal Reserve[/tag] pushed a key [tag]short-term rate[/tag] up for the 15th time and indicated that more rate increases were possible. Mortgage giant [tag]Freddie Mac[/tag] reported Thursday that rates on 30-year, [tag]fixed-rate mortgage[/tag]s averaged 6.35 percent this week, up from 6.32 percent last week.

So You Want to Be a Mortgage Broker

Rising mortgage rates are expected to cool off the extended boom in housing that saw sales of both new and existing homes set records for five consecutive years. Analysts are looking for sales to drop by around 6 percent this year. Rates on 15-year, fixed-rate mortgages, a popular choice for [tag]refinancing a home mortgage[/tag], averaged 6 percent this week, up from 5.97 percent last week. One-year adjustable-rate mortgages rose to 5.51 percent, up from 5.41 percent last week.

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