Mortgage rates fall on more bad economic news

A disappointing December for retail sales helped push mortgage rates lower this week, with rates on 30- and 15-year fixed mortgages down to their lowest levels since July 2005, Freddie Mac reported today.

The average rate on 30-year fixed mortgages dropped 18 basis points in the last week, from 5.87 percent to 5.69 percent, and the average 15-year fixed mortgage tumbled 22 basis points, from 5.43 percent to 5.21 percent.

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