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IN BRIEF / THE ECONOMY

Mortgage Rates Drop to New Lows

November 15, 2002|From Associated Press

The average interest rate on 30-year, fixed-rate mortgages dropped to 5.94% this week from 6.11% last week, Freddie Mac reported in its nationwide survey. It was the lowest rate since the mortgage giant began tracking 30-year mortgage rates in 1971.

Rates for 15-year, fixed-rate mortgages dropped to 5.32% from 5.48% last week, the lowest since Freddie Mac began tracking these rates in 1991.

For one-year, adjustable-rate mortgages, rates dipped to 4.09% from 4.15% last week.

These rates do not include add-on fees known as points. The loans carried an average fee of 0.6 point for the 30-year and 15-year mortgages and 0.7 point for the one-year ARMs.

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