According to data from the Mortgage Bankers Association, U.S. long-term mortgage rates fell for the sixth consecutive week, with the key 30-year loan average running below 4% and at its lowest point since September 2017. The average rate for 15-year, fixed-rate home loans declined this week to 3.28% from 3.46%. The recent rush into the bond market has pushed up bond prices and depressed their yields. The yield on the 10-year Treasury note, which influences mortgage rates, was 2.12% late Wednesday. The average rate for five-year adjustable-rate mortgages fell to 3.52% from 3.60% last week. The fee was steady at 0.4 point.
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