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30-year mortgages dip to lowest level since April
By The Associated Press - 09/13/2008
WASHINGTON (AP) — Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five months, as the government's dramatic takeover of mortgage giants Fannie Mae and Freddie Mac had the hoped-for impact of lowering mortgage rates.
Freddie Mac reported Thursday that its nationwide survey found that 30-year, fixed-rate mortgages dipped to 5.93 percent this week, down from 6.35 percent last week.
The sharp decline pushed the 30-year rate below 6 percent for the first time since May and marked the lowest level for this rate since they averaged 5.88 percent the week of April 17.
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