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by CareyBot

Long-term mortgage rates gained considerably this week following the Department of Labor's stronger-than-expected employment report, Freddie Mac and reported today. According to Freddie Mac, the 30-year fixed-rate mortgage rose to an average 6.11 percent from last week's 5.96 percent, and the average 15-year fixed climbed to 5.78 percent from 5.65 percent. Points, or fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. "November's employment report showed stronger job growth, no change in the unemployment rate and a jump in wages, suggesting to some market participants that the probability of an upcoming recession might be lower than originally thought," said Frank Nothaft, Freddie Mac vice president a...