After holding steady over the past two weeks, key mortgage rates fell amid signs of a weakening economic recovery. The drop in rates comes after averages spiked by more than a percentage point since early May, and is attributed to monthly sales growth and production output that were far less than what was forecast.
The average rate on a 30-year fixed mortgage loan dropped 0.07 percentage point this week, according to the latest survey from mortgage buyer Freddie Mac. After hovering at 4.57 percent for two consecutive weeks, the 30-year fixed is now trending at 4.50 percent. That is a little more than a full percentage point higher than what it was at a year ago – 3.49 percent.
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