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Mortgage rates fall on stock market volatility

The key mortgage rate fell to a two-month low this week, Freddie Mac reported.

As of Thursday, the 30-year fixed rate averaged 4.75 percent, down six basis points and the lowest level since the week of Oct. 4. The rate averaged 4.81 percent over the past two prior weeks.

A year ago, the 30-year fixed rate averaged 3.94 percent.

“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” Freddie’s Chief Economist Sam Khater said. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.”

The 15-year fixed rate averaged 4.21 percent, down four basis points. Five-year adjustable rate mortgages fell five basis points to 4.07 percent. 


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