Mortgage Rates Drop

By: Associated Press
By: Associated Press

NEW YORK -- Rates on fixed mortgages dipped this week after rising steadily over the last two months.
Freddie Mac says the average rate on the 30-year mortgage dropped to 4.77 percent from 4.86 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year loan slipped to 4.13 percent from 4.20 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991.
Rates have been rising since November. Investors have shifted money out of Treasurys and into stocks. Many expect the tax-cut plan will fuel economic growth and increase inflation. Yields tend to rise on inflation fears.
Mortgage rates tend to track the yield on the 10-year Treasury note. Those rates have been fluctuating in recent weeks.


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