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Mortgage rates drop to record lows
WASHINGTON (11/15/10)--The average rate on both 30-year and 15-year fixed-rate mortgages fell to all-time record lows last week. As reported in Freddie Mac’s most recent mortgage rate survey, 30-year mortgages averaged 4.17% and 15-year mortgages averaged 3.57%, with both fixed rate loans falling more than five basis points below their previous weekly averages. Fixed rate 30- and 15-year mortgages averaged 4.91% and 4.36% this time last year, respectively. Both five-year and one-year adjustable rate mortgages were low, with average rates of 3.25% and 4.46% reported. “Despite historically low mortgage rates, however, the housing recovery continues to be slow owing in part to household job uncertainty and tight credit conditions,” Freddie Mac Vice President/Chief Economist Frank Nothaft said. For the full release, use the resource link.
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