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U.S. mortgage rates see largest weekly drop in almost 4 years
Last Updated: 2018-11-22 17:08 | Xinhua
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U.S. mortgage rates dropped sharply this week, offering a window of opportunity for buyers, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Wednesday.

For the week ending Nov. 21, 30-year fixed-rate mortgage (FRM) in the United States averaged 4.81 percent, according to Freddie Mac.

"The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81 percent, the largest weekly drop since January 2015," said Sam Khater, the chief economist of Freddie Mac.

"Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would be buyers that have been on the fence waiting for a drop in mortgage rates," said Khater.

For the same period a year ago, the 30-year FRM averaged 3.92 percent, according to Freddie Mac.

The data also showed that 15-year FRM this week averaged 4.24 percent, while the reading was 3.32 percent a year ago.

Freddie Mac is a corporation founded by U.S. Congress, aiming at promoting the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loan makers. The corporation has been conducting weekly surveys on U.S. mortgage rates since April 1971.

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