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According to Freddie Mac, the 30-year fixed-rate mortgage average fell to 4.78% with an average 0.7 point for the week ending Nov. 25. Previously, the average 30-year mortgage rate was 4.83%, while the average a year ago was 5.97%.
Fifteen-year fixed-rate mortgages averaged 4.29% for the week ending Nov. 25. The 15-year rate is the lowest in Freddie Mac's history. This week's average is down from 4.32% last week and 5.74% a year ago. House prices are slowly beginning to firm now and I suspect they will continue to rise the closer we get to the new April 30, 2010 government home buyer refund deadline.
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