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The yield on the 10-year note edged up to 2.52 percent Thursday morning. To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for a 30-year mortgage was 0.7 point this week, down from 0.8 point last week. The fee for a 15-year loan also slipped to 0.7 point from 0.8 point. The average rate on a one-year adjustable-rate mortgage was unchanged at 2.66 percent. The fee declined to 0.4 point from 0.5. The average rate on a five-year adjustable mortgage fell to 3.17 percent from 3.26 percent. The fee eased to 0.6 point from 0.7.
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