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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 remaining below the smaller conforming 30-year fixed mortgage.
At the current average 30-year fixed mortgage rate of 4.04 percent, the monthly payment on a $200,000 loan is $959.45.
Source: Bankrate.com
Published with permission from RISMedia.
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