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The Honolulu Advertiser
Posted on: Friday, March 17, 2006

30-year mortgage rates down slightly

 •  Hawai'i Real Estate Report

By Martin Crutsinger
Associated Press

WASHINGTON — Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down slightly this week.

Mortgage giant Freddie Mac reported yesterday that rates on 30-year fixed-rate mortgages averaged 6.34 percent this week, the second-highest level since mid-November.

This week's rate was down slightly from a nationwide average of 6.37 percent last week, which had been the highest level since 30-year mortgages averaged 6.44 percent the week of Sept. 5, 2003.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.98 percent this week, down from 6 percent last week.

One-year adjustable rate mortgages fell to 5.37 percent, down from 5.45 percent last week.

Rates on five-year hybrid adjustable rate mortgages dropped to 5.93 percent, down from 6.03 percent last week.

The mortgage rates do not include add-on fees known as points.

A year ago, 30-year mortgages averaged 5.95 percent, 15-year mortgages stood at 5.47 percent, one-year adjustable-rate mortgages were at 4.20 percent and five-year hybrid adjustable rate mortgages averaged 5.31 percent.