U.S. mortgage rates reverse course in major way

U.S. mortgage rates reverse course in major way

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U.S. mortgage rates dropped significantly following three weeks of increases, according to Freddie Mac. The 30-year fixed mortgage rate averaged 3.50 percent for the week ending March 26 — a decline from last week’s rate of 3.65 percent. A year ago, mortgage rates stood at 4.06 percent. Low mortgage rates help propel U.S. home sales and the refinance market. “The Federal Reserve’s swift and significant efforts to stabilize the market were much needed and helped mortgage rates drop for…

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