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Mortgage rates fall to fresh 2017 low as Trump trade continues to reverse

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Reuters


Smile — mortgage rates are falling.

Mortgage rates fell to a fresh 2017 low, with borrowing rates continuing the reversal from post-election levels.

The 30-year fixed-rate mortgage averaged 3.82% in the week ending Aug. 31, down from 3.86%, mortgage buyer Freddie Mac said Thursday.

After surging in the wake of the election of President Donald Trump, rates have come back down as his agenda remains stalled in Congress. More recently, bonds have caught a bid due to worries around North Korea, as well as the devastation from Hurricane Harvey. The 30-year mortgage rate closely tracks the yield on the 10-year Treasury.

The 15-year fixed-rate mortgage averaged 3.12%, down from 3.16%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.14%, down from 3.17%.

Also read: Pending home sales fall for fourth time in five months



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