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30-Year Mortgage Rates Hit Four-Month Low.(prices and rates of mortgage loans)(Brief Article)
The average contract rate on 30-year mortgage loans was 5.85% with 0.6 points as Mortgage Servicing News went to press in the second week of August, according to Freddie Mac.
That was the lowest average interest rate reported in four months, but the recent slippage in rates has only caused a modest uptick in refinancing to date, perhaps suggesting that the pool of refinancing candidates has suffered burnout.
The MBA reported that in the first week of August, refinancing accounted for 37.2% of loan applications, up only modestly from the previous week. Data for the second week were not yet available.
It also means that rates were about 50 basis points lower than they had been one year earlier, when the industry was in the midst of its biggest refinancing year in history.
The average rate on 15-year loans was 5.24%.
To be sure, rates remain ...
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Source: HighBeam Research, 30-Year Mortgage Rates Hit Four-Month Low.(prices and rates of...