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Business Briefing / Real Estate

Mortgage rates mostly edge higher

February 27, 2009|Times Wire Reports

The average rate on a 30-year fixed-rate mortgage increased to 5.07% this week from 5.04% last week, mortgage company Freddie Mac said.

Rates on 15-year fixed mortgages averaged 4.68% -- unchanged from last week. Five-year adjustable-rate mortgages increased to 5.06%, up from 5.04% last week. Rates on one-year adjustable-rate mortgages rose slightly, to 4.81% from 4.8%.

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

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