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Mortgage rates tick up after hawkish Fed minutes

Mortgage rates ticked up for the week on news that the Federal Reserve could still possibly raise rates in June, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate  averaged 3.64 percent, up six basis points. A year ago, the rate averaged 3.87 percent. Other key rates also rose.

The uptick came with the Fed’s release of the minutes of its April meeting, which left open the possibility that the central bank could raise the federal funds rate this summer.

“Despite this increase, May ends the month averaging only 3.60 percent, one basis point below April's average, and the lowest monthly average in three years,” said Sean Becketti, chief economist at Freddie Mac. 


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