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30-Year Mortgage Rate Rises to 6.15%

October 28, 2005|From Associated Press

Mortgage giant Freddie Mac reported that the nationwide average for 30-year fixed-rate mortgages rose this week to 6.15%, up from 6.10% last week and the highest level since 30-year mortgages were at 6.21% in July 2004.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.69% this week, up from 5.65% last week. One-year adjustable-rate mortgages rose to 4.91%, up from 4.89% last week.

Rates on five-year hybrid adjustable-rate mortgages averaged 5.63% this week, up from 5.59% last week.

The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year and 15-year mortgages both carried a nationwide average fee of 0.5 point, while the five-year adjustable-rate mortgage had an average fee of 0.6 point and the one-year ARM had an average fee of 0.7 point.

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