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On the radar: Freddie Mac rates up in September 12 report

Freddie Mac said mortgage rates were up across the board as of September 12 from the prior week.

The 30-year fixed rate was up 7 basis points to 3.56%, still below the 3.62% average for August but off the near-term low of 3.49% in the prior week.

The 15-year fixed rate was up 9 basis points to 3.09% from the 3.00% in the prior week, and was just above the 3.08% for August.

The 5/1-year ARM rate was up 6 basis points to 3.36% from 3.30% in the prior week, and the same as the 3.36% rate for August.

The increase from the prior week still leaves rates in line with recent lows from about three years ago and the month-to-date average is below that in the prior month. These are levels that could give consumers some incentive to enter the housing market in spite of concerns about a possible recession, and will encourage those with higher rate mortgages to refinance.

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