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 September 03, 2007

Rates on 30-Year Mortgages Hit 3-Month Low
Being currently faced with a tough lending climate, home buyers received much-needed relief this week when borrowing costs on home mortgages dipped to their lowest level in three months.
Freddie Mac reports that rates on 30-yeat fixed rate mortgages dropped from 6.52% last week to 6.45% this week. Interest on a 15-year fixed rate loan dropped from 6.18% last week to 6.12% this week.

Adjustable rate mortgages (ARMs) went in the opposite direction. Last week the rates on 5 year ARMs was at 6.34%. This week, the rate inched up a notch to 6.35%. One-year ARMs increased from 5.6% last week, up to 5.84% this week.

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