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The Honolulu Advertiser
Posted on: Friday, July 11, 2008

30-year mortgages edge up

By Jeannine Aversa
Associated Press

WASHINGTON — Rates on 30-year mortgages edged up this week, while rates on other home loans were a mixed bag.

Mortgage company Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 6.37 percent this week, up from 6.35 percent last week.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, dipped to 5.91 percent this week, from 5.92 percent last week.

Five-year adjustable-rate mortgages rose to 5.82 percent, up from 5.78 percent last week. One-year adjustable-rate mortgages were unchanged at 5.17 percent.

This week, there were fresh signs that the painful housing slump is likely to drag on. The National Association of Realtors' pending home sales index slipped 4.7 percent in May to the third-lowest reading on record.

"Pending home sales fell more than expected," said Freddie Mac chief economist Frank Nothaft.

Meanwhile, Congress is moving ahead on a package to allow the Federal Housing Administration to give distressed homeowners more affordable, fixed-rate mortgages.

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