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The Honolulu Advertiser
Posted on: Friday, June 6, 2008

30-year mortgage rates up

 •  Local mortgage rate averages all moved higher this week

Associated Press

WASHINGTON — Rates on 30-year mortgages edged up this week to the highest level since March as investors worried about inflation.

Mortgage company Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 6.09 percent, compared with 6.08 percent last week.

Analysts cited concerns in financial markets, which interpreted Federal Reserve Chairman Ben Bernanke's remarks this week on inflationary pressures as a signal the central bank will not cut interest rates further.

Yesterday's report noted that rates on other mortgages were down. Rates on 15-year fixed-rate mortgages were at 5.65 percent, down from 5.66 last week. Five-year adjustable-rate mortgages dipped to 5.51 percent from 5.62. And one-year adjustable-rate mortgages were at 5.06 percent, down from with 5.22 last week.