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Mortgage rates head higher

<P><!-- --><p><em>Associated Press - June 7, 2007 11:03 AM ET </em>
/ Source: WAVY-TV

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.

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