Rates on 30-, 15-Year Mortgages Decline
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Rates on 30-year fixed-rate mortgages slipped to 6.40% this week, down from 6.43% last week, mortgage company Freddie Mac said.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.06%, down from 6.11% last week. For one-year adjustable-rate mortgages, rates fell to 5.54%, down from 5.60% last week. Rates on five-year adjustable-rate mortgages fell to 6.08%, down from 6.10% last week.
The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year fixed-rate mortgages and five-year ARMs all carried a nationwide average fee of 0.5 point while one-year ARMs carried a fee of 0.8 point.
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