Freddie Mac: Rates drop on 30-year mortgages

Possible end to Fed rate cuts impacts adjustable loans

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Long-term mortgage rates this week fell on news of falling industrial production and consumer sentiment, Freddie Mac reported today.

The average 30-year fixed-rate loan sank to 5.98 percent from last week’s 6.01 percent, well below the year-ago average of 6.37 percent, according to Freddie Mac. Rates on 15-year fixed loans dipped to 5.55 percent from 5.6 percent, much lower than the 6.06 percent reported a year ago.