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NATION

30-year mortgage rates rise above 5 percent

WASHINGTON — Rates on 30-year home loans surged above 5 percent for the first time in nearly three months this week as investors pushed up rates on long-term government debt, which is closely tied to mortgage rates.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 5.29 percent this week, from an average of 4.91 percent a week earlier. It was the highest weekly average in nearly six months. The average rate on a 15-year fixed-rate mortgage rose to 4.79 percent this week from 4.53 percent.

Auction for lunch with Buffett set for this month

OMAHA, Neb. — One of the most expensive steak lunches you can bid for goes online later this month, courtesy of billionaire Warren Buffett.

But given the ongoing recession, it’s uncertain whether lunch with Buffett will top last year’s winning bid of $2.1 million from a Chinese investment fund manager. Buffett, who is Berkshire Hathaway’s chairman and chief executive, offers only one charity lunch a year.

All of the online auction’s proceeds go to the Glide Foundation, which provides social services to the poor and homeless in San Francisco.

Associated Press