Mortgage rates fall to 5.22%

Mortgage rates in the U.S. fell for the first time in three weeks, boosting the potential for further stabilization in the housing market. The average 30-year rate dropped to 5.22% from 5.25%, mortgage buyer Freddie Mac reported. The 15-year rate averaged 4.63% for the week ending today. Lower rates may increase demand for homes in the fourth year of the housing recession. New and existing-home sales rose in June as falling prices and a government tax credit lured buyers.


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