Home Loan Rates Fall for 11th Straight Week

By Franklin Rhodes • September 2nd, 2010

Home loan rates declined to a record for the 11th straight week for new lows.  The low rates helped spark home refinance activity as American homeowners continue to seek lower monthly payments.

The average rate for fixed 30-year mortgage rates dropped to 4.32 % in the week ended today from 4.36 %, Freddie Mac said in a statement today. That was the lowest since the mortgage giant began compiling the data in 1971. The average 15-year mortgage rate was 3.83 %, also a record.   The Mortgage Bankers Association’s index of mortgage refinancing climbed 2.8 % in the week ended Aug. 27 to the highest level in over a year.   FHA mortgages remain the most popular home loan, with conventional loans coming in right behind the government loan program.

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