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Excerpt from www.kxnet.com
Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it’s been much of this year.
The rate fell to 6.95% from 6.99% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.69%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week, lowering the average rate to 6.17% from 6.29% last week. A year ago, it averaged 6.10%, Freddie Mac said.
“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” said Sam Khater, Freddie Mac’s chief economist.