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According to a recent Bankrate.com national survey, mortgage rates have declined to a two-month low, sparked by a surprise devaluation of the Chinese yuan. By itself, such an action has little effect on the U.S. economy, but the consequent drag on economic growth from a larger trade deficit and a further downward influence on inflation could prompt the Fed to delay the first interest rate hike.
According to the survey, the benchmark 30-year fixed mortgage rate slid to 4.04 percent, and the average 15-year fixed mortgage rate ticked lower as well, to 3.26 percent.
Adjustable-rate mortgages (ARM) were on the downswing also, with the 5-year ARM dipping to 3.20 percent and the 7-year ARM dropping to 3.39 percent.
The larger jumbo 30-year fixed mortgage rate stepped back to 4.00 percent, still rema...
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