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Business Briefing / Real Estate

30-year mortgage rates drop

September 18, 2009|Times Wire Reports

The average rate for a 30-year fixed mortgage this week was 5.04%, down from 5.07% a week earlier, mortgage company Freddie Mac said.

The average rate on a 15-year fixed-rate mortgage fell to 4.47% from 4.5% last week, the lowest level on records dating to 1991. Rates on five-year adjustable-rate mortgages averaged 4.51%, unchanged from a week earlier. One-year adjustable-rate mortgages fell to 4.58% from 4.64%.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year loans and 0.6 point for 15-year mortgages. The fee averaged 0.5 point for five-year and one-year loans.

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