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In Brief / THE ECONOMY

Mortgage rates down across board

September 14, 2007|From Times Wire Reports

Rates on 30-year, fixed-rate mortgages averaged 6.31% this week, the lowest since they averaged 6.21% on May 17, mortgage company Freddie Mac said. The rate had been 6.46% last week.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.97%, down from 6.15% last week. Rates on five-year adjustable-rate mortgages averaged 6.17%, down from 6.32%, while one-year ARMs dropped to 5.66%, compared with 5.74% last week.

These rates do not include add-on fees known as points. Thirty-year mortgages carried a nationwide average fee of 0.5 of a point while 15-year mortgages carried an average fee of 0.4 of a point. Five-year ARMs had an average fee of 0.6 of a point and one-year ARMs carried an average fee of 0.8 of a point.

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