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Mortgage rates drop for second straight week as recession fears grow
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U.S. mortgage rates are down for the second consecutive week as investors seek a safe haven amid escalating recession worries.
Freddie Mac's latest Primary Mortgage Market Survey released Thursday shows the average rate on a 30-year fixed mortgage is now at 5.3%. The reading is down from last week's 5.7% average, but still up sharply from a year ago when the 30-year fixed rate sat at 2.9%.