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by CareyBot

Mortgage rates sank this week in response to a sharp drop in consumer confidence for August, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.77 percent, with an average 0.8 points, for the week ended today, down from last week when it averaged 5.82 percent. The average for the 15-year fixed-rate mortgage this week is 5.15 percent, with an average 0.7 points, also down from last week when it averaged 5.21 percent. One-year Treasury-indexed adjustable-rate mortgages averaged 3.97 percent this week, with an average 0.8 point, down more from last week when it averaged 4.05 percent. "The drop in consumer confidence left an unsavory taste in the market, creating a fear that consumer spending w...