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Mortgage Rates Drop for Fifth Week as 15-Year Sets Record

Mortgage rates in the U.S. fell for a fifth week, with costs for a 15-year loan reaching a record low, adding support for housing demand as home prices climb.

The average rate for a 30-year fixed mortgage dropped to 3.35 percent in the week ended today from 3.40 percent, McLean, Virginia-based Freddie Mac said in a statement. The average 15-year rate decreased to 2.56 percent from 2.61 percent.