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Mortgage Rates Continue to Drop

As reported by Freddie Mac on Thursday, US mortgage rates fell for a fourth week in a row this week. The average rate for a 30-year fixed mortgage, commonly used in home purchases, slid from 4.20 percent a week ago to 4.14 percent, while the average for a 15-year fixed loan, the preferred choice for refinancing loans, fell from 3.29 to 3.25 percent. So-called adjustable-rate mortgages, or ARMs, had mixed results; with the one-year ARM holding steady at 2.43 percent and the average for a 5-year ARM slipping from 3.01 percent to 2.96 percent. To compile its weekly report on mortgage rates, Freddie Mac contacts conforming lenders all over the country from Monday to Wednesday each week, releasing its findings each Thursday.

May 22, 2014