Mortgage rates fell this week, with the 30-year fixed mortgage sinking to its lowest rate in 37 years as the Federal Reserve cut interest rates to historic lows.
Government-sponsored mortgage lender Freddie Mac reported Thursday that fixed rates on 30-year mortgages fell below 5.25% for the week ending Dec. 18. That's down from 5.47% last week and below the year-ago rate of 6.14%.
Refinance applications have surged responding to the lower rates.
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