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Fixed mortgage rates continue to drop
WASHINGTON (5/23/11)--Thirty-year fixed-rate mortgages continued to trend down last week, averaging 4.61% during the week ended May 19, the lowest average mortgage rate recorded this year. Fifteen year mortgages also reached a yearly low, averaging 3.80%. Freddie Mac Vice President/Chief Economist Frank Nothaft said that the decreased mortgage rates were tied to mixed home market and economic data. Five-year and one-year adjustable rate mortgages (ARM) crept up during the week, averaging 3.48% and 3.15%, respectively. Five-year ARMs averaged 3.91% this time last year, while one-year ARMs averaged 4.00%.
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