Thursday, January 24, 2008

Fixed mortgage rates fall to lowest since '04


Rates on home loans drop after Fed makes emergency cut to fed funds rate, Freddie Mac says.

January 24 2008: 11:25 AM EST

NEW YORK (CNNMoney.com) -- Mortgage rates continued to fall this week, with 30-year and 15-year fixed-rate mortgages hitting their lowest levels in nearly four years, Freddie Mac reported Thursday.

The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 5.48 percent for the week ending Thursday, down from 5.69 percent last week.

At this time last year, the 30-year fixed-rate mortgage averaged 6.25 percent. The 30-year rate has not been lower since the week ending March 25, 2004, when it averaged 5.40 percent.

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