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The Economy

November 20, 1998

The average interest rate on 30-year fixed-rate mortgages fell this week for the first time in four weeks, Freddie Mac said. The decline, to 6.86% from a three-month high of 6.93% the previous week, apparently came in anticipation of the Federal Reserve's cut in short-term interest rates Tuesday. Fifteen-year mortgages, a popular refinancing option, averaged 6.51% this week, down from 6.57%. The rates do not include add-on fees known as points.

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