Fixed-rate mortgages edged up in September.
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At the same time, adjustable-rate mortgages continued to decline, the Federal Home Loan Bank Board reported. The FHLBB said that commitment rates for conventional fixed-rate mortgages averaged 12.65% in early September, up from 12.62% in August. By contrast, rates on the most popular adjustable-rate mortgage dipped to 10.59% last month, down slightly from 10.6% the month before. Adjustable-rate mortgages accounted for 48% of the mortgages closed last month, down from 52% in August.
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