Article: 30-year mortgage rates fall to month-long low

WASHINGTON, D.C. (AP) - Rates on 30-year mortgages edged down last week to their lowest point in a month, a spot of welcome news to would-be home buyers.

Freddie Mac, the mortgage company, reported Thursday that 30- year fixed-rate mortgages averaged 6.01 percent for the week ending May 15. That was down from the previous week's 6.05 percent and was the lowest since mid-April when rates averaged 5.88 percent.

Other rates also fell.

Five-year adjustable-rate mortgages dropped to 5.57 percent, from 5.67 percent the previous week. One-year adjustable-rate mortgages fell to 5.18 percent, compared with 5.29 percent. However, rates on 15-year fixed-rate mortgages, a popular choice for refinancing, ...

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