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Mortgage Rate Decline


In an AP article, Freddie Mac reported early last month that the avg. rate for a 30-year fixed mortgage fell to 4.32%. The rate on a 15-year fixed mortgage fell to a record low of 3.50%. In theory, low mortgage rates provide a boost to the housing market but because banks are requiring higher credit scores and larger down payments, some applicants are turned away. With rates this low, however, more people might consider buying or re-financing, a lower-risk investment than stocks. And since rental prices are rising due to lower inventory, buying is a great option.

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