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Average rate on 30-year fixed loan falls to 4.51 pct; 15-year lowest this year at 3.65 pct
WASHINGTON (AP) ' Fixed mortgage rates fell this week, and the rate on the 15-year loan dropped to its lowest point of the year.
Freddie Mac says the average rate on the 30-year loan decreased to 4.51 percent from 4.60 percent a week ago. It reached its yearly low a month ago, at 4.49 percent.
The average rate on the 15-year fixed mortgage, popular for refinancing, fell to 3.65 percent from 3.75 percent. Its previous low this year was 3.67 percent, reached three weeks ago.
Rates typically track the yield on the 10-year Treasury note. Yields fell sharply last week after dismal jobs data pushed investors into the safety of government bonds. Yields fall as prices rise.
Low mortgage rates and depressed home values have done little to revive the struggling housing market.