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Mortgage rates fall amid weak economic data

The average rate for a 30-year, fixed-rate loan, the most popular mortgage product, fell to 4.22% from 4.35% last week, Freddie Mac reported. Meanwhile, average rates on 15-year, fixed-rate loans, typically used for refinancing higher interest mortgages, dropped to 3.27% from 3.35% the week before. This week's drop was one of the steepest during a year of mostly rising rates. The 30-year started 2013 at 3.34% and reached a high of 4.58% in August.