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IN BRIEF / THE ECONOMY

Rates Dip Again on 30-, 15-Year Mortgages

May 02, 2003|From Associated Press

The average interest rate on a fixed-rate 30-year mortgage fell to 5.70% last week from 5.79% the previous week, mortgage company Freddie Mac reported.

For 15-year fixed-rate mortgages, a popular option for refinancing, rates declined to 5.03% this week, compared with last week's 5.12% rate.

Rates for one-year adjustable-rate mortgages dipped to 3.74%, down from 3.79% last week.

This week's mortgage rates do not include add-on fees known as points. Each loan type carried an average fee of 0.6 point this week.

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