REFINANCE: 30-year mortgage rates drop to 3.6%

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Mortgage rates dropped significantly over the past week as concerns related to the ongoing trade dispute with China and the overall health of the economy dominated headlines.

The 30-year fixed-rate mortgage averaged 3.6% during the week ending Aug. 8, down 15 basis points from the previous week, Freddie Mac reported Thursday. This is the lowest mortgage rates have been since the 2016 presidential election.

This was the third-largest weekly decline for the 30-year fixed-rate mortgage this year — so far in 2019, rates for the loan product have only posted a weekly increase on eight occasions.

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