Fixed-rate mortgages more expensive this week

Long-term mortgage rates continued higher this week on fears that the Fed's recent move to make borrowing money more affordable would tempt sellers of Treasury bonds to raise their prices, in turn stimulating inflation, according to surveys conducted by Freddie Mac and Bankrate.com.

A popular misconception is that fixed mortgage rates take their cue from the actions of the Federal Open Market Committee, Bankrate.com noted. The past week is evidence that it rarely works that way.

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