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Rates Down On 30-Year Mortgages
By The Associated Press
Tampa Tribune
Published: Mar 28, 2008

WASHINGTON - Rates on 30-year mortgages edged down slightly this week, staying below 6 percent, although rates on other types of mortgages rose.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.85 percent this week. That was down slightly from 5.87 percent last week and marked the second consecutive week that rates have been below 6 percent.

Rates on 30-year mortgages dropped below the 6 percent threshold in the second week of January and stayed there for six straight weeks as the sharp economic slowdown stirred concerns about a possible recession.

But rates began rising as bond investors became worried about increased inflation, hitting a high for this year of 6.24 percent the week of Feb. 28.

Rates on 15-year, fixed-rate mortgages rose to 5.34 percent this week, up from 5.27 percent last week.

A year ago, rates on 30-year mortgages stood at 6.16 percent and 15-year mortgage rates averaged 5.86 percent.



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