Mortgage rates continue to drop

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Average mortgage rates continued to drop last week amid concerns that a weak housing market would slow economic recovery.

The average 30-year, fixed-rate mortgage was 4.36 percent for the week ending Thursday, compared with 4.42 percent the week before, according to Freddie Mac. Last year, the average 30-year fixed-rate mortgage was 5.14 percent during the same week.

This is another record-low mortgage rate since Freddie Mac began monitoring mortgage rates in 1971.

Freddie Mac also reported that 15-year, fixed-rate mortgages fell to an all-time low at 3.86 percent. The company has been tracking those since 1991.

Freddie Mac Deputy Chief Economist Amy Crews Cuts said that concerns over the weak economy caused long-term bond yields to fall, pushing mortgage rates down.

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