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Investing.com -- The 30-year fixed-rate mortgage (FRM) dropped to its lowest level since April, averaging 6.63% as of Thursday, according to Freddie Mac (OTC:FMCC)’s Primary Mortgage Market Survey.
This represents a decrease from last week’s average of 6.72%. However, the current rate remains higher than the 6.47% average recorded during the same period last year.
"The decline in rates increases prospective homebuyers’ purchasing power and our research shows that buyers can save thousands by getting quotes from a few different lenders," said Sam Khater, Freddie Mac’s Chief Economist.
The 15-year FRM also decreased, averaging 5.75% this week, down from 5.85% last week. A year ago, the 15-year FRM averaged 5.63%.
Freddie Mac (OTCQB:FMCC) releases its Primary Mortgage Market Survey weekly to track mortgage rate trends.
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