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  • Digg it UP - Mortgage Rates Predicted to Continue Upward Climb

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    rrowers with adjustable-rate mortgages will be more affected than those with fixed-rates. For those just now considering adjustable-rate mortgages, the benefits are
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    Mortgage rates could hit 7% or higher, according to economists. With the 17th consecutive boost in benchmark short-term interest rates by the Federal Reserve last week, the ripple could be felt in the mortgage industry before long.

    In fact, rates have risen in anticipation of the Fed's actions. The ripple will extend into higher interest rates on credit cards and home equity loans.

    While the Fed has no direct control over the mortgage industry, mortgage rates have been moving higher. Freddie Mac reported last week that the national average for a 30-year fixed-rate mortgage has risen to 6.78% -- the highest level since May 2002.

    Borrowers with adjustable-rate mortgages will be more affected than those with fixed-rates. For those just now considering adjustable-rate mortgages, the benefits are

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    eek, the ripple could be felt in the mortgage industry before long.

    In fact, rates have risen in anticipation of the Fed's actions. The ripple will extend into higher interest rates on credit cards and home equity loans.

    While the Fed has no direct control over the mortgage industry, mortgage rates have been moving higher. Freddie Mac reported last week that the national average for a 30-year fixed-rate mortgage has risen to 6.78% -- the highest level since May 2002.

    Borrowers with adjustable-rate mortgages will be more affected than those with fixed-rates. For those just now considering adjustable-rate mortgages, the benefits are

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    o higher interest rates on credit cards and home equity loans.

    While the Fed has no direct control over the mortgage industry, mortgage rates have been moving higher. Freddie Mac reported last week that the national average for a 30-year fixed-rate mortgage has risen to 6.78% -- the highest level since May 2002.

    Borrowers with adjustable-rate mortgages will be more affected than those with fixed-rates. For those just now considering adjustable-rate mortgages, the benefits are

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    higher. Freddie Mac reported last week that the national average for a 30-year fixed-rate mortgage has risen to 6.78% -- the highest level since May 2002.

    Borrowers with adjustable-rate mortgages will be more affected than those with fixed-rates. For those just now considering adjustable-rate mortgages, the benefits are

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    rrowers with adjustable-rate mortgages will be more affected than those with fixed-rates. For those just now considering adjustable-rate mortgages, the benefits are much less than even one year ago. With the gap between fixed-rates and adjustable-rates narrowing, the overall savings of an adjustable rate is lessened drastically.

    The rising interest rates are intended to slow down consumer spending and other economic activities that indicate inflation. The economy has grown at the fastest pace in two-and-a-half years in the first quarter of 2006. The housing sector is one area, though, where growth is slowing.

    After the Fed's increase on Thursday, the majority of US banks raised their prime rates to 8.25%, up from 4% in 2004. That means that many homeowners with home equity lines of credit are payi

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