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After Steep Rise, Mortgage Rates Fall

Only one week after their largest jump in 21 years, mortgage rates took a dive. The benchmark 30-year fixed rate fell 42 basis points this week to 6.32 percent according to Bankrate.com. The benchmark 15-year fixed-rate mortgage fell 47 basis points to 5.93 percent according to the same site. If you are considering purchasing a Boston home in the near future, make sure that you lock a rate quickly, but have the option for at least one “float” down lock.

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