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Business Briefing / Real Estate

Mortgage rates drop broadly

March 13, 2009|Times Wire Reports

The average rate on a 30-year fixed-rate mortgage slipped to 5.03% this week from 5.15% last week, mortgage company Freddie Mac said.

The average rate on a 15-year fixed-rate mortgage fell to 4.64% from 4.72%. Five-year adjustable-rate mortgages declined to 4.99% from 5.08%. One-year ARMs fell to 4.80% from 4.86%.

These rates do not include add-on fees known as points. The nationwide fee averaged 0.7 of a point for 30-year and 15-year fixed-rate mortgages. The fee for five-year and one-year ARMs averaged 0.6 of a point and 0.5 of a point, respectively.

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