30-Year Mortgage Rates Fall Further
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Rates on 30-year fixed-rate mortgages averaged 5.63% for the week ended Thursday, down from 5.66% last week, mortgage company Freddie Mac said.
Rates on 15-year fixed-rate mortgages, a popular option for refinancing, remained unchanged at 5.14%. Rates on one-year adjustable-rate mortgages were 4.23%, up slightly from 4.18% last week.
Five-year hybrid adjustable-rate mortgages averaged 5% this week, down from 5.02% last week. These hybrid mortgages have a fixed rate for five years and then adjust each year after that.
The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year, 15-year and one-year mortgages each carried a 0.7-point fee on average. The five-year ARM carried an average fee of 0.6 point.
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