Mortgage rates hit a 7-month high
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Rates on 30-year mortgages rose last week for the fourth consecutive week, hitting the highest level since Aug. 12, Freddie Mac said.
The average rate for 30-year fixed mortgages was 5.85%, up from 5.79% the week before. Rates on 15-year fixed mortgages averaged 5.38%, up from 5.33%. One-year adjustable rates averaged 4.24%, compared to 4.14% the week before.
Five-year hybrid adjustable rates averaged 5.22%, up from 5.17%. These mortgages have a fixed rate for five years and then adjust each year after that.
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