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30-year mortgage rates drop

August 21, 2009|Times Wire Reports

The average rate for a 30-year fixed-rate mortgage was 5.12% this week, down from 5.29% last week, mortgage company Freddie Mac said.

The average rate on a 15-year fixed-rate mortgage was 4.56%, down from 4.68%. Rates on five-year adjustable-rate mortgages averaged 4.57%, down from 4.75%. One-year adjustable-rate mortgages fell to 4.69% from 4.72%.

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

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