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Freddie Mac cuts mortgage rates - Bills.com News
Bills.com News > Mortgage > Freddie Mac cuts mortgage rates
Freddie Mac cuts mortgage rates
Thursday, Jul 2, 2009
The rate on a 30-year fixed mortgage dropped from 5.42 percent to 5.32 percent. At the same time last year, the average rate on a 30-year fixed was at 6.35 percent.
"Lower mortgage rates are helping to support the housing market," Frank Nothaft, Freddie Mac vice president and chief economist, said.
Theaverage rate on 15-year fixed mortgages also dropped from 4.87 percent to 4.77 percent. The average rate on five-year adjustable mortgages fell as well, going from 4.99 percent to 4.88.
All but one of the mortgage rates
reported on by Freddie Mac had a .7 point. The one-year adjustable-rate mortgage had a .6 point.
The announcement of the decline in mortgage rates comes on the heels of a change in the Obama Administration's Making Home Affordable program,
The announcement of the decline in mortgage rates comes on the heels of a change in the Obama Administration's Making Home Affordable program,
which makes home refinancing an option for more people.
The program was expanded, allowing those whose first mortgage is no more than 125 percent of the property's value to take part. Before the change, the limit was set at 105 percent.
Also, make sure to get a free financial health check-up with Bills IQ!
The program was expanded, allowing those whose first mortgage is no more than 125 percent of the property's value to take part. Before the change, the limit was set at 105 percent.
Also, make sure to get a free financial health check-up with Bills IQ!
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