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Freddie Mac: Mortgage rates hit yearly low20 May

WASHINGTON (AP) — Mortgage rates fell to the lowest level of the year this week, as rates fell on U.S. government securities. Fixed mortgage rates tend to be influenced by movements in the yield of 10-year Treasury notes.

The average rate on a 30-year fixed rate mortgage dipped to 4.84% this week from 4.93% a week earlier, Freddie Mac (FRE) said Thursday. It was the lowest level since mid-December, when rates averaged 4.81%.

Bond yields sank after Germany’s move this week to curtail certain kinds of short-selling spooked investors, who shifted money from risky European debt to safer U.S. securities, helping lower mortgage rates in the process.

Demand for safe investments is high on debt concerns in parts of Europe.

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