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IN BRIEF / THE ECONOMY

Rates on Long-Term Mortgages Decline

September 15, 2006|From the Associated Press

Rates on 30-year fixed-rate mortgages slipped to 6.43% this week from 6.47% last week, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.11%, down from 6.16% last week. For one-year adjustable-rate mortgages, rates slipped to 5.6% from 5.63%. Rates on five-year adjustable-rate mortgages fell to 6.1% this week, compared with 6.14% last week.

The mortgage rates do not include add-on fees known as points. Thirty-year mortgages carried a nationwide average fee of 0.5 point, and 15-year mortgages had a fee of 0.4 point. One-year mortgages carried a fee of 0.7 point, and five-year mortgages had a fee of 0.6 point.

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