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Latest Mortgage Rates (This Week)
Rates on 30-year, fixed-rate mortgages averaged to 6.31 percent from 6.46 % and the rates on 15-year, fixed-rate mortgages, a well-liked choice for refinancing, averaged to 5.97 percent this week, up from 6.15 % last week.
Five-year, adjustable-rate mortgages averaged 6.17 percent, up from 6.32 percent and the rates for One-year, adjustable mortgages were the only category to show a decline, dipping to 5.66 percent from 5.74 percent last week.
Unsteady Mortgage Rates ( Last Week)
The sub prime market has witnessed a spate of delinquencies and foreclosures. The fact that there are more houses for sale in the market and fewer buyers can affect mortgage rates. The average 30-year FRM fell by a single basis point to close at 6.26%, whereas the hybrid 5/1 ARM closed at 6.03%.
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