REAL ESTATE
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Mortgage Rates Rise: Thirty-year, fixed-rate mortgages averaged 7.63% this week, up from 7.53% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the highest since June 1, when the average was 7.71%. The average hit a 25-year low of 6.74% in October, 1993. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.86%, up from 5.84% last week. Fifteen-year mortgages, a popular option for those refinancing their home loans, averaged 7.11% this week, up from 7.03% a week earlier. The rates do not include add-on fees known as points.
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