Rate on 30-year fixed mortgage falls to 4.71%, lowest of 2011

Fixed mortgage rates dipped to the lowest level of the year this week. The third straight weekly decline comes at the start of the peak buying season. Freddie Mac said Thursday the average rate on the 30-year loan fell to 4.71% from 4.78% the previous week. That matched this year’s low reached in January. But it is above the 40-year low of 4.17% hit in November.

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