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Business Briefing / Real Estate

30-year mortgage rates drop

July 10, 2009|Times Wire Reports

The average rate for a 30-year fixed home loan was 5.2% this week, down from 5.32% last week, mortgage company Freddie Mac said.

The average rate on a 15-year fixed-rate mortgage fell to 4.69%, down from 4.77%. Five-year adjustable-rate mortgages were 4.82%, down from 4.88% a week earlier. One-year adjustable-rate mortgages fell to 4.82% from 4.94%.

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

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