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Mortgage Rates Continue to Drop

If you are a Boston homeowner considering refinancing, or a buyer interested in picking up a piece of Boston real estate, now may be the time to move forward.

According to The Wall Street Journal, mortgage rates have fallen to all-time lows fro the fourth consecutive week. The 30- year mortgage rates averaged 5.01 percent this week, which is a drop from last week’s 5.1 percent. Last year at this time, similar mortgage rates averaged 5.87 percent. This most likely occurred due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae.

Other rates also dropped for the week:

15-year fixed rates: dropped to 4.62 percent from 4.83 percent last week. Las year at this time 15-year mortgage rates averaged 5.43 percent.

5-year hybrid adjustable-rate mortgages averaged 5.49 percent, a drop from 5.57 percent last week.

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