Rates on 30-Year Mortgages Edge Up
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The average interest rate on 30-year fixed-rate mortgages rose this week to 6.51%, from 6.45%, Freddie Mac said. Last week’s rate was the lowest since Freddie Mac began tracking the number in 1971.
Fifteen-year mortgages, a popular option for refinancing, rose to 5.98% from 5.94%.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.06%, down from 5.30% the previous week. Last year at this time, ARMs stood at 7.24%. The rates do not include add-on fees known as points.
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