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Key rate falls to new low for 2017


The 30-year fixed mortgage rate hit a new low for the year earlier this week, Freddie Mac reported.

Through Wednesday, the rate averaged 3.88 percent, down two basis points from the prior week. A year ago, the rate averaged 3.48 percent. Other key rates were largely unchanged.

Freddie’s Chief Economist Sean Becketti said the survey was conducted prior to Tuesday’s sell-off on the bond market that drove Treasury yields higher.

“Mortgage rates may increase in next week's survey if Treasury yields continue to rise," Becketti said. 


 

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