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Mortgage Rates Rise Amid Upbeat Data, Credit Downgrade

U.S. long-term mortgage rates have risen toward the 5% mark following positive economic readings and Fitch Ratings’ downgrade of the U.S. government’s debt rating. So reports Dow Jones.

Fitch RatingsAccording to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.9% in the week ending August 3, up from 6.81% a week earlier.

"Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory," Freddie Mac’s chief economist, Sam Khater, said in a statement.

Read the full article from Dow Jones.

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