30-year mortgage rate hits another record low

NEW YORK (CNNMoney) — Buying a home got even cheaper this week as interest rates on the 30-year fixed-rate mortgage set a record low for the fourth week in a row. The 30-year fixed mortgage, the most popular mortgage product, dipped slightly to 3.78% from 3.79% last week, according to a weekly survey by Freddie Mac. Last year, 30-year loans averaged 4.60%. The new low can save borrowers $48 a month for every $100,000 borrowed. Over a 30-year term, that comes to $17,217 compared to last year.
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