Mortgage Rates Drop

By:: Bill Rice - MortgageLoan.com

Mortgage rates drop again for the second straight week. Freddie Mac reports that the 30-year fixed-rate mortgage took another sharp decline this week to a nationwide average of 6.14 percent. This continued downward pressure is the result of continued dismal economic report. This week it was driven by over a half million new job losses and an October US deficit increase of a quarter of a trillion dollars.

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National Rates

Loan Type	Today	+/-
30 yr fixed	3.80
15 yr fixed	3.10
5/1 ARM	2.73

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