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For the first time in a year, 30-year, fixed mortgage rates fell this week below where they were a year ago, Inman reports in “Rates on 30-year mortgages post first annual decline this year.”
The 30-year rate averaged 4.14 percent compared to 4.46 percent last year, according to Freddie Mac’s latest data. The 15-year rate was also lower than a year ago at 3.22 percent compared to 3.50 percent a year ago.
Freddie Mac Vice President and Chief Economist Frank Nothaft said rates moved lower following the release of the first quarter GDP estimate, which had a steeper than expected decline.
