Mortgage rates rise

Last year at this time, 30-year mortgage rates averaged 6.37 percent. The economy added 110,000 new jobs last month while July and August were revised upwards by a total of 188,000 jobs, reflecting greater strength in the economy during that time than initially indicated, said Frank Nothaft, Freddie Mac’s ( Charts , Fortune 500 ) chief economist, in a statement. Nothaft also said the release of the minutes from the Fed’s Open Market Committee (FOMC) meeting on Sept.

18 reassessed the possibility of another interest rate cut. The market currently is looking for about a 30 percent chance of a 25 basis point rate cut rather than the 50 percent chance that they had previously expected, he said. In its latest report, Freddie Mac said rates on 15-year fixed-rate loans averaged 6.06 percent in the latest week, up from 6.03 percent last week.
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