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Mortgage rates hit 4.61% for 7-year high
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WASHINGTON (AP) — Long-term U.S. mortgage rates jumped this week, marking their highest levels in seven years amid the peak home buying season.The benchmark 30-year rate pushed toward the significant 5 percent level. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages was 4.61 percent, up from 4.55 percent last week. The new average rate was the highest since May 19, 2011.