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WASHINGTON (AP) - Mortgage rates around the country rose for a second straight week but still remain below rates seen a year ago.
In its weekly survey, mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages increased to 5.66 percent, up from last week's 5.62 percent. The increases were coming after rates had dipped to 5.53 percent in the last week of June, the lowest point for 30-year mortgages in 14 months.
Except for two weeks in late March, 30-year mortgages have been below 6 percent all year. The low rates have powered a boom in sales of both new and existing homes. There are worries that a housing bubble could be forming in hot sales areas with strong demand pushing home prices to levels that will not be sustainable.
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