Mortgage rates remain low

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The average 30-year, fixed-rate mortgage was 4.37 percent this week, up 0.2 percentage point from last week, according to Freddie Mac’s weekly survey.

At the same time, the 15-year, fixed rate mortgage hit another record low of 3.82 percent, down from 3.83 percent last week.

Both rates remain well below rates a year ago. Last year, the average 30-year, fixed-rate mortgage was 5.04 percent. A year ago, the 15-year, fixed rate mortgage was an average of 4.47 percent.

“Interest rates on 30-year fixed mortgages have remained below 5 percent for the last 19 weeks giving people ample opportunity to refinance their existing mortgage debt,” Freddie Mac Chief Economist Frank Nothaft said in a statement. “As a result, homeowners reduced their financial obligations relative to disposable personal income during the second quarter of 2010 to the lowest share in almost eight years, according to the Federal Reserve.”

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