Morning Minute: Fixed mortgage rates drop to lowest level of the year, Freddie Mac reports

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The 30-year, fixed mortgage rate averaged 3.88 percent this week, falling to the lowest level so far this year, Freddie Mac reports today. The 15-year, fixed rate averaged 3.17 percent, the same as last week. Read more from Freddie Mac.

From Freddie Mac Chief Economist Sean Becketti: “The 30-year mortgage rate fell 2 basis points to 3.88 percent this week. However, the majority of our survey was conducted prior to Tuesday’s sell-off in the bond market which drove Treasury yields higher. Mortgage rates may increase in next week’s survey if Treasury yields continue to rise.”

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