Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.08% during the week ended May 29 from 5.98% the prior week, marking a two-month high triggered by investor concern over inflation. The 15-year mortgage rate climbed to 5.66% from 5.55% over the same period, while the five-year adjustable rate rose slightly to 5.62% from 5.61%. However, the one-year ARM slipped to 5.22% from 5.24%. It appears that a lot of the investor concern is being driven by failing loans made to both condo purchasers and builders in the South Florida and West Coast areas.
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