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The Honolulu Advertiser
Posted on: Friday, March 30, 2007

30-year mortgage rates hold at 6.16%

By Martin Crutsinger
Associated Press

WASHINGTON — Rates on 30-year mortgages were unchanged this week, staying near the lowest levels for the year.

Mortgage giant Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 6.16 percent, the same as last week.

That rate compared to the low for the year of 6.14 percent, set during the first two weeks of March. That was the lowest point for 30-year mortgages since they averaged 6.13 percent the week of Dec. 21.

Analysts said financial markets are trying to process mixed data about whether the slowdown in housing is in danger of deepening and dragging overall economic growth down further.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, dipped slightly this week to 5.86 percent, down from 5.90 percent.

Five-year adjustable-rate mortgages averaged 5.88 percent, down from 5.91 percent last week.

One-year adjustable mortgages edged up to 5.43 percent, compared to 5.40 percent last week.

The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages both carried a nationwide average fee of 0.4 point. The five-year mortgage had an average fee of 0.5 point while the one-year mortgage carried a 0.6 point average fee.

A year ago, rates on 30-year mortgages stood at 6.35 percent.

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