US Mortgage Rates Hit Yearly Lows
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A report from Freddie Mac today shows the 30-year mortgage rate hitting a 19-month low of 3.8%. That's down from 3.93% last week and comes on the heels of Treasury bond yields reaching a low for 2014. The rate has fallen precipitiously from 4.47% 12 months ago. Meanwhile the 15-year fixed-rate fell to 3.09% compared to 3.2% last year and 3.52% one year ago.
The news will be welcome among first time homebuyers, who many economists say have been pushed out of the market by more prohibitive borrowing bosts.