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The Honolulu Advertiser
Posted on: Friday, May 11, 2007

Rates ease on 30-year mortgages

By Martin Crutsinger
Associated Press

WASHINGTON — Rates on 30-year mortgages edged lower for the third week out of the past four, reflecting further evidence that slower economic growth will help keep inflation in check.

Mortgage giant Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 6.15 percent nationwide this week, down slightly from 6.16 percent last week. The low for the year was 6.14 percent in early March.

Rates have fallen in three of the past four weeks, with the latest decline attributed to a weaker-than-expected national jobs report, with just 88,000 jobs created in April.

Mortgage rates have been relatively stable over the past four months, with the 30-year fluctuating in a narrow range that saw it go as high as 6.34 percent in early February and as low as 6.14 percent for the first two weeks in March.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, were unchanged at 5.87 percent this week.

Five-year adjustable-rate mortgages averaged 5.89 percent this week, up slightly from 5.87 percent last week.

One-year adjustable rate mortgages showed the biggest movement, rising to 5.48 percent, from 5.42 percent last week.

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