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30-year mortgage rates drop

May 16, 2008|From Times Wire Services

Rates on 30-year fixed-rate mortgages averaged 6.01% this week, down from 6.05% last week and the lowest since mid-April, when rates averaged 5.88%, mortgage company Freddie Mac said.

Five-year adjustable-rate mortgages dropped to 5.57%, from 5.67% last week. One-year adjustable-rate mortgages fell to 5.18%, compared with 5.29%. Average rates on 15-year fixed-rate mortgages, a popular choice for refinancing, held steady at 5.60% this week.

These rates do not include add-on fees known as points. The nationwide average fee for one-year adjustable-rate mortgages was 0.7 point. For 30-year and five-year adjustable-rate mortgages, the average fee was 0.6 point. The average fee for 15-year mortgages was 0.5 point.

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