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Mortgage Rates Fall on Lower Demand

Mortgage News > Mortgage Rates Fall on Lower Demand
Date: 03/31/2020    Mortgage Rates Fall on Lower Demand

As demand for home purchase loans and refinances declined, long-term mortgage interest rates fell in the latest week, according to Freddie Mac. The average rate on a 30-year fixed-rate conforming mortgage dropped 15 basis points to 3.50%. Last year at the same time, the average was much higher at 4.06%. Three weeks ago, rates fell near all-time record lows and refinance requests overwhelmed the mortgage lending market. As rates rose and demand has dipped, rates have decreased as well.

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