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U.S. Rate On 30-Year Mortgage Falls To 3.98 Percent

By: Associated Press
By: Associated Press

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Thursday, April 5, 2012

The average U.S. rate on the 30-year fixed mortgage was mostly unchanged this week, as the cost of home-buying and refinancing stayed near record lows.

Mortgage buyer Freddie Mac says the rate on the 30-year loan fell slightly to 3.98 percent from 3.99 percent last week. In February, the rate touched 3.87 percent, the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage also fell, to 3.21 percent from 3.23 percent. That's above the record low of 3.13 percent hit last month.

Mortgage rates have been below 4 percent for all but one week since early December. That's helped lift the outlook for housing after four sluggish years of home sales. Still, most economists expect only modest gains.


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