Summary Box: Fixed mortgage rates decline again

AP News
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Posted: May 19, 2011 12:14 PM
Summary Box: Fixed mortgage rates decline again

RATES FALL AGAIN: Freddie Mac said fixed mortgage rates fell for the fifth straight week this week and hit their lowest levels of the year.

NEW YEARLY LOWS: The average rate on the 30-year loan fell to 4.61 percent from 4.63. That's the lowest level since mid-December. The rate on the 15-year fixed mortgage dipped to 3.80 percent from 3.82 percent, the lowest point since late November.

REFINANCINGS GET BOOST: Low rates spurred more borrowers to apply for a refinance, and that activity is at the highest level since the second week of December.