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WASHINGTON – Despite fixed rate mortgages rising to more than 6.0% in July, sales of existing homes rose 5% to a record high of last month, the National Association of Realtors reported. Sales of already owned homes rose to a seasonally adjusted rate of 6.12 million. Some analysts had forecasted a rate of 5.94 million homes. Experts blamed the home sales on consumers’ concerns that mortgage rates could continue to go even high and they’d miss out on low rates. Some economists have predicted mortgage interest rates will rise to around 6.5% by the end of the year.

 

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