Mortgage rates drop to lowest levels of the year

Mortgage rates fell this week to the lowest level of the year, as rates fell on U.S. government securities. Fixed mortgage rates closely track interest rates paid on long-term Treasury bonds.

The average rate on a 30-year fixed rate mortgage dropped to 4.93 percent this week from 5 percent a week earlier, Freddie Mac said Thursday. It was the lowest level since mid-December, when rates averaged 4.81 percent.  Last year at this time, the 30-year fixed rate mortgage averaged 4.86 percent.

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