BUSINESS BRIEFING / REAL ESTATE
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The average rate on 30-year fixed-rate mortgages slid to 4.78% from 4.8% last week, tying the record low, mortgage company Freddie Mac said. Last year at this time, the average rate on a 30-year mortgage was 6.06%.
The average rate on a 15-year fixed-rate mortgage was 4.48% this week, unchanged for the third straight week. Five-year, adjustable-rate mortgages fell to 4.80% from 4.85% last week -- the lowest since Freddie Mac began tracking it in January 2005.
One-year, adjustable-rate mortgages fell to 4.77% from 4.82%.
These rates do not include add-on fees known as points. The nationwide fee averaged 0.7 of a point last week for every type of mortgage except the five-year adjustable-rate mortgage, which averaged 0.6 of a point.
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