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We’ll continue to enjoy affordable mortgages this spring, making it a good time to buy or refinance a home.
Over the past seven months rates have moved up a little, then down a little, but the average cost of a almost all types of mortgages, including 30-year fixed-rate loans, have remained below 6.5% since mid-August.
As a result, home loans will cost less than they did last spring when rates were climbing towards a peak of nearly 7% in late June.
Our mortgage rate comparison charts show many lenders offering rates well below 6% with modest fees of $1,000 or less.
Freddie Mac -- the government-chartered company that buys mortgages from lenders – anticipates 30-year fixed rate loans will average between 6.35 and 6.4% throughout 2007.
The National Association of Realtors is only a little less optimistic, projecting rates will increase to 6.7% by the end of the year.
It would be great if mortgages were as cheap as they were four years ago when rates bottomed out at 5.28%, the lowest they've ever been since Interest.com and its print predecessors began our weekly survey of major lenders in 1985.
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