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Mortgage rates hit nine-month low


Mortgage rates fell for the seventh consecutive week and hit a nine-month low this week, Freddie Mac reported.

As of Thursday, the 30-year fixed rate averaged 4.45 percent, down six basis points, but has come down from a high of 4.94 percent in November. The rate was the lowest since the reading on April 12, when it averaged 4.42 percent.

The 30-year fixed rate averaged 3.99 percent for the same week a year ago.

Meanwhile, the 15-year fixed rate fell 10 basis points to 3.89 percent, and five-year adjustable rate mortgages were down 15 basis points to 3.83 percent, Freddie reported.

“Mortgage rates fell to the lowest level in nine months, and in response, mortgage applications jumped more than 20 percent,” Freddie’s Chief Economist Sam Khater said.

“Lower mortgage rates combined with continued income growth and lower energy prices are all positive indicators for consumers that should lead to a firming of home sales.”


 

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