Mortgage Rates Drop for Fourth Straight Week

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Mortgage rates continued their downward slide in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.17% as of Oct. 30, down from last week when it averaged 6.19%. A year ago at this time, it FRM averaged 6.72%.

The 15-year fixed-rate mortgage averaged 5.41%, down from last week when it averaged 5.44%. A year ago at this time, it averaged 5.99%.

“Mortgage rates decreased for the fourth consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “The last few months have brought lower rates and homebuyers are increasingly entering the market,”