30-Year Mortgage Rates Drop to 5.85%
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Rates on 30-year fixed-rate mortgages fell to 5.85% this week, down from 5.99% last week and the lowest since early April, mortgage company Freddie Mac said.
Rates on 15-year fixed-rate mortgages, a popular option for refinancing, declined to 5.24%, down from 5.4% last week. For one-year adjustable-rate mortgages, rates stayed steady at 4.08% this week.
The nationwide averages for mortgage rates do not include add-on fees known as points. All three classes of mortgages carried an average 0.6-point fee this week.
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