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BUSINESS BRIEFING / MORTGAGES

30-year fixed rates edge lower

November 14, 2008|Times Wire Services

Rates on 30-year fixed-rate mortgages averaged 6.14% this week, down from 6.20% last week, mortgage company Freddie Mac said.

For 15-year fixed-rate mortgages, popular with people who are refinancing, average rates dropped to 5.81% from 5.88%. Five-year adjustable-rate mortgages fell to 5.98% from 6.19%. One-year adjustable-rate mortgages edged up slightly to 5.33% from 5.25%.

These rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year mortgages averaged 0.7 of a point last week. The fee on five-year adjustable-rate mortgages averaged 0.6 of a point, while the fee on one-year adjustable-rate mortgages averaged 0.5 of a point.

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