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Real Estate Agent with Prudential Fox & Roach, REALTORS

Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30 year fixed rate mortgage averaged 6.31 percent with an average 0.5 point for the week ending September 13, 2007 down from last week when it averaed 6.46 percent. Last year at this time, the 30 year FRM averaged 6.43 percent.

The 15 year FRM this week averaged 5.97 percent with an average 0.4 point, down from last week when it averaged 6.15 percent.  A year ago, the 15 year FRM averaged 6.11 percent.

Five year Treasury indexed hybrid adjustable rate mortgages averaged 6.17 percent this week, wtih an average 0.6 point, down from last week when it averaged 6.32 percent.  A year ago, the 5 year ARM averaged 6.10 percent. 

One year Treasury indexed ARMs averaged 5.66 percent this week with an average 0.8 point, down from last week when it averaged 5.74 percent,.  At this time last year, the 1 year ARM averaged 5.60 percent.

Interest rates on prime conforming loans fell across the board in the past week, with rates on 30 year fixed mortgages averaging 0.15 percentage points below the previous weeks level. The drop in mortgage rates may give some relief to borrowers who are looking to refinance or purchase a home.

As a matter of fact, all the mortgage products Freddie Mac's survey this week were lower than they were at the same time last year.

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