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WASHINGTON (AP) - Rates on 30-year mortgages fell for a fifth consecutive week as both sales of both existing and new homes in July declined, confirming a cooling housing market.
The mortgage company Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.48 percent this week, down from 6.52 percent last week.
That was the lowest level for 30-year mortgages since they averaged 6.43 percent the week of April 6.
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