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Mortgage Interest Rates Continue to Fall

A Florida Realtor article this week noted that a 30-year fixed rate mortgage loan rate (Freddie Mac) dropped to 4.58%! The last time rates were lower was in the 1950s. Rates on 15-year fixed-rate mortgages fell to an average of 4.04%, down from 4.13% a week earlier. Rates on five-year adjustable rate mortgages averaged 3.79%, the lowest since January 2005. Mortgage applications rose almost 9% last week from a week earlier, according to the Mortgage Bankers Association. Freddie Mac collects data on mortgage rates from lenders across the country on Monday through Wednesday of each week to calculate the national average. Borrowers may be encouraged to refinance, and the Obama administration has launched programs to assist them with refinancing if they owe up to 25% more than their home’s value and have their loans guaranteed by Freddie Mac or Fannie Mae.

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