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Benchmark U.S. 30-Year Mortgage Drops To Record Low 2.66%

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FILE - This April 16, 2020 file photo shows a real estate company sign that marks a home for sale in Harmony, Pa. U.S. average rates on long-term mortgages rose this week but remained at historically low levels. Mortgage buyer Freddie Mac reports, Thursday, Aug. 13, that the average rate on the 30-year home loan increased to 2.96% from 2.88% last week. (AP Photo/Keith Srakocic, File)

(AP) — U.S. long-term mortgage rates dropped this week to a record low for the 16th time in 2020, reflecting an economy hard hit by the coronavirus pandemic. Mortgage giant Freddie Mac said Thursday that the average rate on the benchmark 30-year fixed-rate home loan slipped to 2.66% from 2.67% last week. A year ago, it stood at 3.74%. The average rate on 15-year fixed-rate loans, popular among homeowners seeking to refinance their mortgages, dipped to 2.19% from 2.21%. A year ago, it was 3.19%. The 5-year adjustable rate mortgage was unchanged this week at 2.79%. A year ago, it was at 3.45%.

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