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Mortgage Rates Drop Back Below 3%

by UrbanTurf Staff

After a few months above the 3% mark, long-term interest rates dipped back down below that benchmark this week. 

Freddie Mac reported 2.97% with an average 0.7 point on a 30-year mortgage on Thursday, down seven basis points from last week and the third week in a row that rates have dropped. 

“The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low rate environment,” Sam Khater, Freddie Mac’s Chief Economist, said in a statement. 

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

This article originally published at http://dc.urbanturf.com/articles/blog/mortgage-rates-drop-back-below-3/18173

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