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Refinance Your Mortgage - Rates Drop
August 17th, 2005Mortgage interest rates dropped last week for the first time since June. After steadily rising since late June, fixed 30 year mortgage interest rates fell to 5.79%, excluding fees, down from 5.91% the week before.
The 30-year mortgage rate stood at 5.47% in the week ended June 24, its lowest level in 2005. Fixed 15 year mortgage interest rates last week averaged 5.40%, from 5.49% the week before. Interest rates on one year adjustable rate mortgages (ARMs) decreased to 4.85%, from 4.88%.
The 30 year mortgage rate, the industry’s benchmark, is still below the 2005 high of 6.08% reached at the end of March. However, in a break from recent trends, the interest rate stands higher than the year-earlier level. It was 5.75% in the week ended August 13, 2004.
Refinance Your Mortgage - What You Need to Know
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