30-Year, Fixed-Rate Mortgages Top 8%
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WASHINGTON — Mortgage rates rose above 8% this week for the first time in 11 months, as bond yields surged on surprisingly strong economic data, the Federal Home Loan Mortgage Corp. said Thursday.
Thirty-year, fixed-rate mortgages averaged 8.05% in the week ending April 11, up from 7.78% last week. The last time the rate was higher than 8% was during the week ended May 5, 1995, when it averaged 8.27%.
Fifteen-year mortgages also rose to 7.56% from 7.29% last week. The 15-year loan rate has not been this high since the week of May 5, 1995, when it stood at 7.80%.
One-year adjustable mortgages rose to 5.80% from 5.62%.
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