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by CareyBot

Despite uncertainty over whether the Fed will continue to hike the cost of money in the wake of Hurricane Katrina, long-term mortgage rates edged up this week, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.74 percent for the week ended today, up from last week when it averaged 5.71 percent. The average for the 15-year fixed-rate mortgage is 5.32 percent, up from last week when it averaged 5.3 percent. Points on both the 30- and 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.26 percent this week, with an average 0.6 point, up from last week when it averaged 5.24 percent. The one-year Treasury-indexed ARM averaged 4.46 percent, also with an average 0.6 po...