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Business Briefing / MORTGAGES

30-, 5-year rates drop below 6%

October 10, 2008|From Times Wire Services

Rates on 30-year, fixed-rate mortgages averaged 5.94% this week, down from 6.10% last week and the first decline since Sept. 18, mortgage company Freddie Mac said.

Average rates on 15-year fixed-rate mortgages, which are popular with people who are refinancing, dropped to 5.63% from 5.78%. Rates on five-year adjustable-rate mortgages fell to 5.90% from 6.00%. One-year adjustable-rate mortgages edged down slightly to 5.15% from 5.16%.

These rates do not include add-on fees known as points. The nationwide fee averaged 0.6 of a point.

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