Rates for Conventional Home Mortgages Dropped in September 2009
According to the FHFA data, the average rate for all conventional (long-term fixed rate) home mortgages dropped from 5.23% in August 2009 to 5.15% in September 2009. In August 2009 it posted a small drop of 2 basis point As the graph below indicates, long-term mortgage rates have been rising between May and July of 2009 from 4.87% to 5.25%, representing an increase of 38 basis points. It should be noted that the May rate was the lowest recorded in the last 12 months.
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