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IN BRIEF / THE ECONOMY

30-Year Fixed Mortgage Rates Decline to 6.36%

October 20, 2006|From the Associated Press

Average rates on 30-year fixed-rate mortgages slipped to 6.36% this week from 6.37% last week, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.06%, the same as last week. Rates on one-year adjustable-rate mortgages edged up to 6.11% from 6.1%. Five-year adjustable-rate mortgages rose to 5.57% from 5.56%.

These rates do not include add-on fees known as points. The 30-year, 15-year and five-year mortgages each carried an average nationwide fee of 0.5 of a point. The one-year mortgages had a nationwide average fee of 0.8 of a point.

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