Mortgage rates drop to lowest level since July
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Mortgage rates around the country dropped last week to their lowest levels in seven months, good news for home buyers and homeowners considering refinancing.
The average 30-year fixed mortgage rate fell to 5.58% last week, the lowest since 5.52% on July 11, and down from 5.66% the week before, according to Freddie Mac, the No. 2 purchaser of U.S. mortgages. A year ago, the average 30-year rate was 5.84%.
The average 15-year fixed mortgage rate declined to 4.87% from 4.96%.
The one-year adjustable mortgage rate slipped to 3.53% from 3.57% and was the lowest since the week ending July 4, said Freddie Mac.
The nationwide averages do not include add-on fees known as points. Each loan type carried an average fee of 0.6 point.
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