Associated Press - June 7, 2007 11:03 AM ET
McLEAN, Va. (AP) - Long-term mortgage rates have risen to their highest levels in ten months.
Freddie Mac says the average for the 30-year fixed-rate mortgage stands at 6.53% this week -- an increase of 9 basis points from last week. The 15-year loan is averaging 6.22%, compared with 6.12% a week ago.
Freddie Mac Vice President and Chief Economist Frank Nothaft (NOH'-taft) says the increase came on concerns about a tight labor force and wage growth.
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.