Mortgage Rates Dip to Lowest Level of Year
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Mortgage rates dipped again this week, reaching their lowest levels of the year.
The average interest rate on 30-year fixed-rate mortgages fell to 6.58%, down from 6.64% last week, Freddie Mac said. This week’s rate marked the lowest level for 30-year mortgages since they averaged 6.49% the week of Oct. 9, 1998.
Fifteen-year mortgages, a popular option for refinancing, slipped to 6.06% this week from the previous week’s 6.11% and was the lowest level since Freddie Mac began tracking the rates in 1991.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.26%, down from 5.34%. This week’s rate was the lowest since Feb. 16, 1996, when rates averaged 5.19%.
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