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Published: Thursday, 5/19/2011

Mortgage rates drop

Average rate on 30-year loan drops to 4.61 pct.; average rate on 15-year falls to 3.80 pct

ASSOCIATED PRESS

NEW YORK — Fixed mortgage rates fell this week to the lowest point of the year, offering incentive for homeowners to save money by refinancing their loans.

Freddie Mac says the average rate on the 30-year loan fell to 4.61 percent from 4.63. That's the lowest level since mid-December. The average rate on the 15-year fixed mortgage, a popular refinance option, slipped to 3.80 percent from 3.82 percent. That marked the lowest point since late November.

Low rates haven't been enough to jumpstart the weak housing market. But the number of borrowers looking to refinance is now at the highest level since the second week of December, according to the Mortgage Bankers Association.

Rates track the yield on the 10-year Treasury note, which fell to the lowest level of the year this week.



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