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BANKING & FINANCE | NATION / WORLD

30-Year Mortgage Rates Fall to 7.59%

November 15, 1996|Times Staff and Wire Reports

Thirty-year fixed-rate mortgages averaged 7.59% this week, down from 7.67% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the lowest rate since March 7, when the average was 7.38%. Rates had averaged 8.34% as recently as Sept. 5. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.52%, down from 5.56% last week. Fifteen-year mortgages, a popular option for those who are refinancing their homes, averaged 7.11% this week, down from 7.20% a week earlier. The rates do not include points.

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