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The Honolulu Advertiser
Posted on: Friday, August 18, 2006

30-year mortgage rates dip again

Associated Press

WASHINGTON — Rates on 30-year mortgages fell for a fourth consecutive week as a slowing economy eased concerns about inflation.

Mortgage giant Freddie Mac said yesterday that 30-year, fixed-rate mortgages fell to 6.52 percent this week from 6.55 percent last week.

That was the lowest level for 30-year mortgages since they averaged 6.49 percent the week of April 13.

Mortgages had been rising since April, hitting a more than four-year high of 6.80 percent the week of July 20 before easing down.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.20 percent this week, unchanged from last week.

For one-year adjustable-rate mortgages, rates dipped to 5.65 percent from 5.69 percent last week.

Rates on five-year adjustable-rate mortgages fell to 6.18 percent this week from 6.21 percent last week.

A year ago, 30-year mortgages averaged 5.80 percent, 15-year mortgages stood at 5.40 percent, one-year ARMs were at 4.58 percent and five-year ARMs averaged 5.34 percent.

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