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Thursday, November 19, 2009
Freddie Mac: 30-yr Mortgage Rate Lowest Since May
By Sue Chang
MarketWatch Pulse
SAN FRANCISCO -- Freddie Mac said Thursday the 30-year fixed-rate mortgage average fell to the lowest level since late May, down from the previous week to 4.83% with an average 0.7 point for the week ending Nov. 12. In the previous period, the average was 4.91%, and the year-ago average was 6.04%. "Interest rate on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21st, while 15-year fixed rates were the lowest since our records began in 1991. Low fixed rates throughout the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan," said Frank Nothaft, Freddie Mac vice president and chief economist.
Copyright © 2009 MarketWatch, Inc.
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