U.S. mortgage rates for 30-year loans fell for a third week, reducing borrowing costs as housing demand regains strength.
The average rate for a 30-year fixed mortgage was 4.12 percent this week, down from 4.14 percent, Freddie Mac said in a statement today. The average 15-year rate held at 3.22 percent, according to the McLean, Virginia-based mortgage-finance company.
Home purchases are accelerating after a slow start to the year. Contracts (USPHTMOM) to buy previously owned U.S. houses climbed 6.1 percent in May, the biggest monthly gain since April 2010, the National Association of Realtors said this week. Strict credit standards are holding back some buyers who may want to take advantage of the drop in loan costs from the beginning of 2014.
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