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Mortgage Rates Inch Higher
NEW YORK -- Fixed mortgage rates inched higher amid evidence of moderate economic growth, according to Bankrate.com's weekly national survey of large lenders. The average 30-year fixed rate mortgage increased from 6.08% to 6.11%, and the 30-year fixed rate mortgages had an average of 0.29 discount and origination points.The 15-year fixed rate mortgage popular for refinancing nosed higher from 5.48% to 5.5%, according to Bankrate.com. The average rates for the jumbo 30-year fixed rate mortgage and one-year adjustable rate mortgage both increased 2 basis points to 6.3% and 4.35%, respectively. A basis point is one one-hundredth of one percentage point.Mortgage rates increased only slightly as sluggish retail sales for June hinted at an economy expanding more modestly than originally expected, the survey found. Long-term interest rates, to which mortgage rates are closely related, moved only slightly higher on such expectations. Inflation reports slated for release July 15 and July 16 also loom large and could impact the direction of mortgage rates in the weeks to come, survey respondents said. The average 30-year fixed rate mortgage is notably higher than six months ago, when the average rate was 5.68%, according to Bankrate.com. At the time, the monthly payment for a $165,000 loan was $955.57. With the average 30-year fixed mortgage rate now at 6.11%, the monthly payment for the same size loan is $1,000.96. The difference in monthly payments of $45.39 amounts to more than $16,300 over the loan term.Visit Bankrate.com: www.bankrate.com"