Mortgage rates just shy of 6%

Will Paris Give Back The Ring?

It's been just more than a week since heiress PARIS HILTON and her heir fiancé of five months PARIS LATSIS called off their wedding. But what everyone wants to know is: What will "girl Paris" do with her blinding, 24-carat engagement ring?
ET caught up with the famous blonde in question and her two girlfriends, KIMBERLY STEWART and BIJOU PHILLIPS, in Las Vegas over the weekend as they celebrated Body English's one year anniversary at the Hard Rock Hotel and Casino. There was no bling on her ring finger, but Paris did report on how she was doing: "Everything is amazing -- I love my life."
She then danced the night away on a table top!
"I don't know," Paris' mom KATHY HILTON tells our JANN CARL about the ring's fate. "I was with her at NICKY's birthday last night and she didn't have it on, but believe me, there's no fights about any ring or any house."
The twosome became engaged in the spring and Hilton first received a yellow diamond from her Greek shipping heir suitor, but reportedly wasn't thrilled with having a yellow diamond for an engagement ring. So the couple shopped around and decided on a 24-carat, multi-million dollar, emerald cut (white) sparkler.
But Hilton soon called off the wedding, feeling she didn't want to make a mistake and rush such a serious commitment.
"I'm sad to announce that I've called off my engagement," she told Us Weekly magazine after months of wedding-planning bliss. "Over the last couple months, I've realized that this is the right decision for me. We hope to remain the best of friends and I'll always love him. I hope people will respect my privacy during this emotional time."
But mom Kathy is certain they will remain the best of friends. "I know they both care about each other a great deal," she says. "She's holding up well."


Inflation fears, due in part to high energy costs, push the 30-year to highest rate since March.

The average rate on 30-year fixed-rate mortgages rose to 5.98 percent this week, up from last week's 5.91 percent, a Freddie Mac survey said.
In the year-ago period, the 30-year mortgage averaged 5.82 percent.
The average rate on 15-year fixed-rate mortgages rose to 5.54 percent, up from 5.48 percent the previous week. A year ago, the loan averaged 5.24 percent.
"We think that the economy will continue to grow, albeit at perhaps a slightly slower pace than in the recent past," said Frank Nothaft, vice president and chief economist at Freddie Mac. "Mortgage rates will most likely continue to rise with the expansion of the economy."
Five-year adjustable-rate mortgages averaged 5.48 percent, compared to 5.44 percent the previous week. There is no data available for a year-to-year comparison because Freddie Mac only began tracking the 5-year loans this year.
One-year adjustable-rate mortgages averaged 4.77 percent, up slightly from 4.68 percent the week before. At this time last year, the one-year loan averaged 4.08 percent.