US mortgage rates fall from recent high-Freddie Mac

Interest rates on U.S. 30-year fixed-rate mortgages dropped 0.21 percentage point in the latest week, retreating sharply from a seven-month high.

Freddie Mac, the home funding company, said on Thursday its survey showed interest rates on the 30-year fixed-rate mortgage averaged 5.38 percent, with an average 0.7 point, for the week ending June 18.

That was down from the previous week's 5.59 percent, which was the highest level since the week of Nov. 26, 2008.

Seven weeks earlier, the 30-year fixed-rate mortgage equaled the record low of 4.78 percent that was set the week ending April 2, which was the lowest since Freddie Mac started the Primary Mortgage Market Survey in 1971.

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