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Mortgage rates fall for eighth straight week

June 9, 2011 |  7:03 am

How low can they go?

Fixed mortgage rates fell for the eighth straight week in the widely watched Freddie Mac survey of what lenders are offering to well-qualified borrowers.

Freddie Mac headquarters The 30-year fixed-rate mortgage averaged 4.49% this week, down from last week when it averaged 4.55%, Freddie Mac said.

Loans fixed for 15 years were being offered at an average rate of 3.68%, down from 3.74%.

Borrowers would have paid 0.7% of the loan amount up front to lenders to obtain the rates, Freddie Mac said.

The survey, released Thursday morning, showed that variable rates also are continuing to decline.

Freddie Mac economist Frank Nothaft said a weak jobs report had pushed down yields on long-term Treasury bonds. Those debt securities are a benchmark for home lending rates, and mortgage rates followed suit.

RELATED:

Home loan rates fall, but so does mortgage demand

Number of 'underwater' homes declines slightly

Weak hiring predicted for June

-- E. Scott Reckard

 Photo: Freddie Mac headquarters. Credit: Freddie Mac

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