Mortgage rates take a dip for fourth week in row
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For the fourth consecutive week, 30-year mortgage rates fell to a new low, dropping to an average 5.61% for the week ending March 14, Freddie Mac reported in its weekly nationwide survey. That surpassed the previous low of 5.67% the week before.
Fifteen-year fixed-rate mortgages dipped last week to 4.93% from 5.01%. Adjustable-rate mortgages fell to 3.68% from 3.76% the week before.
As rates dropped, refinancing activity accounted for a record 79.8% of total mortgage applications filed, according to the Mortgage Bankers Assn. of America.
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