Mortgage rates increased this week after the Fed, which raises its federal funds rate to 4.75 percent on Tuesday, said more increases may be needed to control inflation, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage inched up to an average 6.35 percent for the week ended today, up from last week's average of 6.32 percent. The average for the 15-year fixed is 6 percent, up from last week's average of 5.97 percent. Points on both the 30- and 15-year averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.02 percent this week, with an average 0.6 point, up from last week when it averaged 5.96 percent. The one-year Treasury-indexed ARM averaged 5.51 percent, with an average 0.8 point, up from last week when it averaged 5.41 percent. "The Fed raised rates this week, as was expected, but the market was a little surprised at the Committee's comments, which implied more tightening in th...
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