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Mortgage Rates Drop Back to 4.51 Percent

  • July 14th 2011

by Mark Wellborn

This morning, long-term mortgage rates dropped back to where they were two weeks ago, as Freddie Mac reported that the average on a 30-year fixed-rate mortgage decreased to 4.51 percent with 0.7 of a point, down from 4.6 percent last week. The fall in rates was attributed to a weaker than expected jobs report last week.

As UrbanTurf has said before, the rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get. A recent article in The Wall Street Journal goes into more detail about this.

Here’s a look at the path of rates since last January:

Mortgage Rates Drop Back to 4.51 Percent: Figure 1

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_back_to_4.51_percent/3802.

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