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30-year mortgage rates fall to record low

9:04 AM, Jun 21, 2012   |    comments
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WASHINGTON (AP) - The average U.S. rate on a 30-year fixed mortgage fell this week to a record low for the seventh time in eight weeks. Cheap mortgages have helped drive a modest recovery in the weak housing market this year.

Mortgage buyer Freddie Mac says the average on the 30-year loan dropped to 3.66 percent. That's down from 3.71 percent last week and the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year mortgage, a popular refinancing option, declined to 2.95 percent. That's down from 2.98 percent last week and just above the record 2.94 percent reached two weeks ago.

The rate on the 30-year loan has been below 4 percent since December.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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