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Rates on 30-year mortgages fall to lowest point in a month
WASHINGTON – May 16, 2008 – Rates on 30-year mortgages edged down this week to their lowest point in a month, This is great news to would-be home buyers.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.01 percent for the week ending May 15. That was down from last week’s 6.05 percent and was the lowest since mid-April when rates averaged 5.88 percent.
Five-year adjustable-rate mortgages dropped to 5.57 percent, from 5.67 percent last week. One-year adjustable-rate mortgages fell to 5.18 percent, compared with 5.29 percent.
However, rates on 15-year fixed-rate mortgages, a popular choice for refinancing, held steady at 5.60 percent this week.
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