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30- 15-year mortgage rates drop from recent highs
WASHINGTON (2/28/11)--Thirty-year fixed-rate mortgages continued their fall from recent highs, averaging 4.95% during the week ended Feb. 24. Those same mortgage rates averaged 5.05% during the week ended Feb. 10, the highest average mortgage rate recorded since April 2010. Thirty-year fixed rate mortgages averaged 5% last week. Freddie Mac Vice President/Chief Economist Frank Nothaft said that the continued reduction was tied to mixed inflation data reports. Fifteen-year fixed rate mortgages also fell during the week, averaging 4.22%.Fifteen-year mortgage rates averaged 4.27% last week and 4. 4% this time last year. Five-year and one-year adjustable rate mortgages (ARM) averaged 3.8% and 3.4%, respectively. Five-year ARMs averaged 4.16% this time last year, while one-year ARMs averaged 4.15%.
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