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Mortgage rates tumble as housing starts to drag down the US economy
Rates for home loans tumbled in line with the broader bond market, even as the housing market’s woes threatened to become a headwind for the entire U.S. economy. The 30-year fixed-rate mortgage averaged 4.53% during the Aug. 16 week, down six basis points, according to the weekly data from mortgage provider Freddie Mac. The 15-year fixed-rate mortgage averaged 4.01%, down from 4.05%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.87%, down three basis points. Those rates don’t include fees associated with obtaining mortgage loans. Mortgage rates follow the path of the 10-year U.S. Treasury ... (full story)
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