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IN BRIEF / THE ECONOMY

30-Year Mortgage Rates Drop Below 6%

September 26, 2003|From Reuters

Average interest rates on U.S. 30-year fixed-rate mortgages dipped below 6% for the first time in nine weeks, according to mortgage finance company Freddie Mac, after Federal Reserve officials said this week that interest rates would stay low even as the economy improves.

Freddie Mac said 30-year mortgage rates this week edged lower to an average 5.98%, down slightly from 6.01% a week earlier. It marked the first time the 30-year rate fell below 6% in more than two months -- its lowest since 5.94% in the week ended July 25.

Fifteen-year mortgages were flat at an average of 5.30%, and one-year adjustable-rate mortgages dropped to an average of 3.77% from 3.81% last week.

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