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Mortgage rates fall again this week

Posted On Thu, May 20, 2010

Freddie Mac announced today that its Primary Mortgage Market Survey found mortgage rates dropped for the second week in a row.

The survey found that 30-year fixed-rate mortgages dropped 0.7 points, from 4.93 percent last week to 4.84. The new level is close to the rate of 4.82 from this time last year.

"Mortgage rates eased back once again this week to the lowest level of the year," said Frank Nothaft, Freddie Mac vice president and chief economist. "Low mortgage rates, coupled with the homebuyer tax credit, helped strengthen the housing market in the first four months of the year."

Nothaft added that new construction for one-family homes rose for the fourth straight month in April, by nearly 600,000 units, and is at the strongest pace since August 2008.

Rates for 15-year fixed-rate mortgages declined by 0.6 points, down to 4.24 percent from 4.30 last week. The drop is 0.26 points lower than the 4.50 percent rate from this time last year. This is the lowest total recorded by Freddie Mac since it began tracking 15-year fixed-rate mortgages in August of 1991.

Even five-year adjustable-rate mortgages fell this week, down 0.4 points from last week to 3.91 percent, which was already a record low since the company began tracking five-year adjustable-rate mortgages in January 2005.

Still, the Mortgage Bankers Association found that one in 10 Americans missed at least one mortgage payment from January to March of 2010.ADNFCR-2297-ID-19790912-ADNFCR

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