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MORTGAGE RATES JUMP TO TWO-YEAR HIGH

It appears the days of record-low mortgage rates have ended. On Thursday mortgage buyer Freddie Mac reported that the new average fixed rate for a 30-year loan jumped to 4.46 percent, over one point higher than a month ago. In early May the average 30-year mortgage rate was 3.35 percent, slightly over the record low of 3.31 percent. Financial analysts believe the rates are rising due to the Federal Reserve’s plan to slow down bond purchases later in the year.

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