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We consider the phase-rotated linearly interpolative channel estimation technique for multicarrier transmission. The technique models the channel frequency response between two nearby subcarriers as the product of a linear function and a linear-phase factor, where the linear-phase factor may be equivalently modeled in the time domain as a reference delay dubbed the anchor delay in this work. We show that the performance of the technique is a fourth-order function of the channel path delays and the anchor delay. We derive a method to estimate the optimal anchor delay. Analysis and simulation in a context of Mobile WiMAX downlink transmission show that, with the proposed anchor delay estimate, we can attain better performance in channel estimation than conventional linear interpolation and a previously proposed method of phase-compensated linear interpolation.