Mortgage Rates Drop to Record Lows
THE ECONOMY
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The average interest rate on a 30-year fixed-rate mortgage fell to 6.05% this week, the lowest level in 32 years of record keeping, mortgage company Freddie Mac reported.
Rates for 15-year fixed-rate mortgages, a popular option for refinancing, fell to 5.47%, the lowest level since Freddie Mac began tracking these rates in August 1991.
For one-year adjustable-rate mortgages, rates dipped to 4.28%, the lowest level since Feb. 25, 1994. The rates do not include add-on fees known as points. Each loan type carried an average 0.7-point fee this week.
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