US mortgage rates decline to near record lows

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Associated Press

Posted on December 27, 2012 at 1:01 PM

Updated Thursday, Dec 27 at 1:01 PM

WASHINGTON (AP) — The average rate on the U.S. 30-year fixed mortgage last week dipped closer to the lowest on record, a trend that is making home buying more affordable and also enabling more Americans to refinance their loans.

Mortgage buyer Freddie Mac says the average rate on a 30-year loan declined to 3.35 percent from 3.37 percent last week. That's not far from the 3.31 percent rate of about a month ago, the lowest on records dating to 1971.

The average on the 15-year fixed mortgage was unchanged at 2.65 percent. The record low is 2.63 percent.

The 30-year fixed mortgage rate averaged 3.66 percent this year, Freddie Mac said, the lowest annual average in 65 years.

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