US mortgage rates fall again

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According to Freddie Mack, mortgage rates in the US are falling for the second week in a row, remaining below 3%.

The 30-year fixed mortgage rate averaged 2.90% for the week ending July 8, a decline from 2.98% last week. Three months ago, mortgage rates hit 2.65%, the lowest since tracking began in 1971. A year ago, mortgage rates were 3.03%.

Low mortgage rates are helping to stimulate US home sales and the refinancing market.

Read the full story at cleveland.com’s sister site, Cleveland Business Journal.

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