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Average long-term US mortgage rate falls to 5-week low

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The average long-term mortgage rate in the United States has dropped to a five-week low.

The average rate on the benchmark 30-year home loan dropped to 6.35% from 6.39% week over week, according to mortgage buyer Freddie Mac.

The average rate a year ago was 5.3%.

Read more from The Associated Press.

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