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Mortgage Rates Rise

June 29, 2000

WASHINGTON (AP) _ Mortgage rates, which have ticked down over the last several weeks, rose this week.

The average interest rate on 30-year fixed-rate mortgages climbed to 8.22 percent for the week ending June 29, up from 8.14 percent the previous week, according to a survey released Thursday by Freddie Mac, the mortgage company. This time a year ago, 30-year rates were at 7.71 percent.

The average rate on 30-year mortgages hit a five-year high of 8.64 percent in mid-May.

Fifteen-year mortgages, a popular option for refinancing, rose to 7.92 percent this week, up from 7.85 percent the previous week. A year ago, 15-year mortgages averaged 7.34 percent.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.26 percent this week, up from last week’s rate of 7.22 percent. A year ago, the average ARM was being offered at 6.05 percent.

The rates do not include add-on fees known as points, which averaged at or just over 1 percent of the loan amount for all three types of mortgages.

Separately, the Mortgage Bankers Association of America said mortgage loan applications for the week ending June 23 fell a seasonally adjusted 0.5 percent from the previous week and were down 10.9 percent for the same period a year ago.

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