30-Year Mortgage Rates Dip Below 7%
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Mortgage rates around the country edged down this week after going up the previous two weeks.
Freddie Mac, the mortgage company, reported that the average interest rate on 30-year fixed-rate mortgages dropped to 6.88% from 7.02%. A year ago, 30-year mortgages averaged 6.98%.
Fifteen-year mortgages slipped to 6.36% from 6.51% the week before. A year ago, 15-year mortgages averaged 6.60%.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.04%, down from 5.12%. Last year this time, one-year ARMs averaged 6.45%.
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