Likewise, the 15-year fixed rate averaged 3.05% in the week that ended August 8, down from 3.20%.
The steep declines came as the escalating U.S.-China trade war roiled financial markets.
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MMG's Bodnar: We've Been Watching This Movie All Year Bill Bodnar of the Mortgage Market Guide breaks down the jobs report, why and how it came in above expectations, and what that means just days ahead of the Fed meeting.
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Mortgage Rates Tumble Back to Three-year Low
The 30-year fixed-rate mortgage averaged 3.60% last week, dropping sharply from 3.75% a week earlier and returning to its lowest since November 2016, said Freddie Mac. So reports the Associated Press.
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