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Recession Could Drive Mortgage Rates Even Lower

July 17, 2012

The 30-year fixed-rate mortgage fell to 3.56 percent with an average point of 0.7 for the week ending July 12, down from 3.62 percent the previous week, according to Freddie Mac. At the same time, the 15-year fixed-rate mortgage dropped to 2.86 percent with an average 0.7 point, down from 2.89 percent from the previous week. This time last year, the 30-year fixed-rate mortgage averaged 4.51 percent, and the 15-year was at 3.65 percent. Thanks to a struggling economy, It seems like mortgage interest rates keep falling to new lows.

Read more into it at:

http://www.sacbee.com/2012/07/14/4630687/freddie-mac-economist-says-recession.html

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