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Mortgage rates fall to nine-month lows

Mortgage rates fell for the fifth consecutive week to reach lows not seen since last April on continuing market volatility, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 3.72 percent, down seven basis points and the lowest point since April 30, Freddie reported. A year ago, the rate averaged 3.59 percent. Other key rates also fell.

"Market volatility — and the associated flight to quality — continued unabated this week,” said Sean Becketti, chief economist at Freddie Mac, noting that Treasury yields fell 15 basis points to reach early-2015 lows.  “These declines are not what the market anticipated when the Fed raised the Federal funds rate in December. For now, though, sub-4-percent mortgage rates are providing a longer-than-expected opportunity for mortgage borrowers to refinance."


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