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In Brief | REAL ESTATE

Rates fall for 30-year fixed mortgages

May 23, 2008|From Times Staff and Wires

Rates on 30-year fixed-rate mortgages averaged 5.98% this week, down from 6.01% last week, mortgage company Freddie Mac said.

Average rates on 15-year fixed-rate mortgages fell to 5.55% from 5.60%. Five-year adjustable-rate mortgages edged up to 5.61% from 5.57%. One-year ARMs rose to 5.24% from 5.18%.

These rates do not include add-on fees known as points. The nationwide average fee for 30-year fixed-rate mortgages was 0.5 of a point. The other mortgage categories carried a 0.6-point average fee.

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