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30-Year Mortgage Rates Hit New Low

October 11, 2002|Associated Press

THE ECONOMY

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The average interest rate on 30-year fixed-rate mortgages fell to 5.98% this week, the lowest level since mortgage company Freddie Mac began tracking the rates in 1971.

Rates for 15-year fixed-rate mortgages, a popular option for refinancing, declined to 5.34% this week, the lowest level since the company began tracking the rates in 1991. For one-year adjustable-rate mortgages, rates dipped to 4.23%.

The rates do not include add-on fees known as points. Each loan type carried an average 0.6-point fee this week.

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