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The 30-year fixed rate for borrowers with good credit fell below 5% for the first time since April. This was caused by the Feds announcement that it will stretch the purchase of money-backed securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae through March rather than December.
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Friday, October 2nd, 2009 at 9:18am.164 Views, 0 Comments.
Rates on 30-year fixed-rate mortgages for borrowers with good credit fell below 5 percent this week for the first time since May, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averaged 4.94 percent with an average 0.7 point. Last week the rate was 5.04 percent and 6.1 percent a year ago, Freddie Mac said. The 30-year fixed-rate last dipped below 5 percent during the week ending May 28, when it averaged 4.91 percent.
The 30-year fixed hit a record low in the records that date back to 1971, when it was 4.78 in April. This was caused by a Federal…