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Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note. Slower U.S. job growth and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasurys, which are considered safe investments. As demand for Treasurys increases, the yield falls. To calculate the average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week. The average rage does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for 30-year loans was 0.7 last week, unchanged from the previous week. The fee on 15-year loans also was 0.7, the same as the previous week. The average one-year adjustable rate was 2.78 percent last week, up from 2.73 percent the previous week. The fee on one-year adjustable rate mortgages was unchanged at 0.5.
[Associated
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