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UPDATE

30-year fixed interest rate drops

September 14, 2003|From Times staff and wire reports

The average rate on a U.S. 30-year fixed mortgage fell for the first time in four weeks, Freddie Mac said, reflecting a drop in market interest rates.

The 30-year rate for the week ending Friday averaged 6.16%, down from 6.44% the week before. The average rate on a 15-year mortgage fell to 5.46% from 5.77%. The average one-year adjustable-rate mortgage slipped to 3.87% from 3.98%.

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