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 Mortgage Rates Stable --- for now
A lack of economic news, plus a widely expected short-term rate increase by the Federal Reserve, left long-term mortgage rates at about the same level as a week earlier.In the past four weeks, the rate on the 30-year fixed has barely budged, varying from a low of 5.80 percent to this week's high of 5.88 percent. Over the same month-long period, oil prices rose to record highs, Hurricane Katrina devastated the Gulf Coast and the Fed hiked short-term rates. It's comforting to have an island of stability in a turbulent sea, and that's the role that the long-term mortgage rate has assumed lately.
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