Long-Term Rates Closer to Record Low!
Thirty-year fixed mortgages moved closer to the all-time low of 4.82 percent reached in May, falling to 4.87 percent last week from 4.94 percent a week earlier, according to Freddie Mac. Homeowners who refinance have an opportunity to reduce their payment on a 30-year, fixed loan for $200,000 by nearly $134 a month from a year ago, when long-term rates averaged 5.94 percent. Also, 15-year loans fell to 4.33 percent, and five-year adjustable-rate mortgages dropped to 4.35 percent; but one-year ARMs rose to 4.53 percent.
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