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BANKING & FINANCE

From Times Staff and Wire Reports

Mortgage Rates Dip: Mortgage rates, seesawing recently, declined this week after rising the week before. Thirty-year, fixed-rate mortgages averaged 8.32%, the Federal Home Loan Mortgage Corp. said, down from last week’s 8.49% but higher than the 8.26% rate two weeks ago. The current rate is about 1 1/2 percentage points above the 25-year low of 6.74% last October. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.15%, up from 5.06% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.85% this week, down from 7.97% a week earlier. The rates do not include add-on fees known as points.


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