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Rates drop on 30-, 15- and 5-year mortgages

March 02, 2007|From the Associated Press

Interest rates on 30-year fixed-rate mortgages averaged 6.18% this week, down from 6.22% last week, mortgage giant Freddie Mac reported.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, fell to 5.92% from 5.97% last week. Five-year adjustable-rate mortgages edged down to 5.93%, compared with 5.96% last week. One-year ARMs were unchanged at 5.49%.

The rates do not include add-on fees known as points.

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