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30-year mortgage rates hit new low

Chicago Tribune 
30-year mortgage rates hit new low - Rochester - Manhattan - Scotland - AIG

Rates on 30-year fixed-rate mortgages fell to their lowest level on record for the second straight week.

Mortgage giant Freddie Mac said average rates on 30-year fixed-rate loans dropped to 5.14 percent this week, down from 5.19 percent last week. The rate was the lowest since its weekly mortgage rate survey began in April 1971 and the eighth straight week of declines.

In addition, the Mortgage Bankers Association said its application index surged 48 percent in the week ended Dec. 19. Total applications and refinance activity were at their highest levels since July 2003.

Freddie Mac said the average rate on a 15-year fixed-rate loan dropped to 4.91 percent from 4.92 percent last week. Rates on five-year, adjustable-rate mortgages fell to 5.49 percent, compared with 5.6 percent last week.


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