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30-year mortgage rates drop

September 04, 2009|Times Wire Reports

The average rate for a 30-year fixed mortgage was 5.08% this week, down from 5.14% a week earlier, mortgage company Freddie Mac said.

The average rate on a 15-year fixed-rate mortgage fell to 4.54% from 4.58%. Five-year adjustable-rate mortgages averaged 4.59%, down from 4.67%. One-year adjustable-rate mortgages fell to 4.62% from 4.69%.

The rates do not include add-on fees known as points. The nationwide fee for all loans in Freddie Mac's survey averaged 0.7 point for 30-year loans and 0.6 point for 15-year, five-year and one-year loans.

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