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Daily Real Estate News | October 10, 2008
30-Year Mortgage Rates Fall Under 6%
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 5.94 percent during the week ended Oct. 9, marking the first decrease in three weeks.
The 15-year fixed rate slipped to 5.63 percent from 5.78 percent the previous week.
Meanwhile, the five-year adjustable mortgage rate dropped a notch to 5.9 percent from 6 percent; and the one-year ARM dipped slightly to 5.15 percent.
7 comments:
The decreased mortgage rates come as the Federal Reserve moved earlier in the week to ease lending by dropping its key interest rate 0.5 percent to 2.0 percent.
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