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Mortgage Rate What is going on at a glance . Mortgage rates down

Both Freddie Macs weekly survey and a separate survey of major US banks and thrifts, conducted by Bankrate.com found that mortgage rates dipped slightly this week. Freddie Mac reported that the average rate for a 30-year fixed-rate mortgage (FRM) was 5.07% with an average 0.7 points for the week ending Sept. 10, down one basis point (bp) from the previous weeks average of 5.08%. Last year, Freddie Mac reported the average rate was 5.93%.

Freddie Mac also found that the average rate for a 15-year FRM was 4.50% with an average 0.7 point, down four bp from a week ago when it was 6.15%..Bankrate.com reported the average interest rate for a 30-year FRM also dropped 1bp, to 5.4% with an average 0.34 point. One year ago, Bankrate.com reported the average rate was 6.15%. Bankrate.com said the average interest rate for a 15-year FRM was 4.75%, an increase of 1bp from last week. Interest rates on adjustable-rate mortgages (ARMs) also decreased this week. Freddie Mac said the average rate for a five-year Treasury-indexed hybrid ARM was 4.51% with an average 0.5 point, down from 4.59% last week. The one-year ARM rate was 4.64% with an average 0.6 point, down from 4.62% last week. Bankrate.com said the rate for a five-year ARM was 4.89%, down 5bps from last week.