The 30-year fixed-rate mortgage tumbled to a
national average 5.17% this week, the lowest level since
Freddie Mac began its weekly rate survey in 1971.

With the Federal Reserve cutting its interest rates to near
0% and a continued decline in rates on the long-term
Treasury notes that mortgages closely track, rates on other
types of mortgages dropped again this week, although not
as much as the 30-year.

The 30-year mortgage fell for the seventh consecutive
week, dropping from 5.47% a week ago. A year ago the
30-year averaged 6.14%.

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