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In Brief / THE ECONOMY

Rates decline on 30-year mortgages

June 29, 2007|From Times Wire Services

Thirty-year fixed-rate mortgages averaged 6.67% this week, compared with 6.69% last week, mortgage firm Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, fell to 6.34% from 6.37% last week. Five-year adjustable-rate mortgages averaged 6.30%, down from 6.31%. One-year adjustable-rate mortgages fell to 5.65%, compared with 5.66% last week.

The rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.5 of a point. Five-year and one-year mortgages carried a fee of 0.5 of a point.

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