The average rate on the 30 year fixed mortgage fell to 4.76% from 4.88% the previous week. It hit a 40 year low of 4.17% back in November and went as high at 5.05% in February of this year.
The 15 year loan dropped below 4% for the first time in three months. The average rate on the 15 year fixed mortgage, a popular refinance option, dropped to 3.97% from 4.15%. The last time the rate was below 4% was in mid-December.Â It dipped to 3.57% in November, the lowest level on record since 1991.
Mortgage rates follow the yield on U.S. Treasury bonds, which dropped due to worries that the crisis in Japan could slow economic growth.
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