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Mortgage rates decline across board

September 05, 2008|From Times Wire Services

Average rates on 30-year fixed-rate mortgages fell to 6.35% this week from 6.4% the previous week to reach the lowest level since July 17, when they stood at 6.26%, mortgage company Freddie Mac said.

Average rates on 15-year fixed-rate mortgages, a popular choice for refinancing, fell to 5.9% from 5.93%. Five-year adjustable-rate mortgages averaged 5.97%, down from 6.03%. One-year adjustable-rate mortgages dropped to 5.15% from 5.33%.

The rates do not include add-on fees known as points. The nationwide fee for 30-year mortgages averaged 0.7 of a point. Other mortgage types averaged 0.6 of a point.

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