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The news is getting better for America’s home buyers.
The average long-term U.S. mortgage rate fell for the fourth straight week on Thursday and is down more than three-quarters of a point since hitting a 20-year high in November.
Freddie Mac reported that the 30-year rate dropped to 6.33% from 6.49% last week. As the rate was 7.08% in early November, this marks the steepest four-week decline since 2008.
Meanwhile, the rate for a 15-year mortgage, which is a popular option for refinancing, slipped to 5.67% from 5.76% last week. It was 2.38% one year ago.
Mortgage rates are still more than double what they were a year ago, mirroring a sharp rise in the yield on the 10-year Treasury note. The yield is influenced by a variety of factors, including global demand for U.S. Treasurys and investor expectations for future inflation.
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