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Mortgage rates hit record lows once again

Low mortgage rates have made it easier for families to relocate.

Low mortgage rates have made it easier for families to relocate.

Mortgage rates have dropped once again, clearing the way for more affordable mortgages for moving families.

The latest mortgage survey by Freddie Mac found that 30-year fixed-rates had fallen from 4.37 percent last week to 4.32 percent this week. That mark tied the lowest-ever for 30-year FRMs - a record that was set just four weeks earlier. A year ago, that rate was at 4.94 percent. The average rates for 15-year FRMs and 5-year adjustable rates also fell, with both of them setting new low points.

Officials with Freddie Mac said that the falling rates were indicative of low levels of confidence among both consumers and businesses, as housing demand continues to be low.

"They think much more cautiously," Ellen Bitton, president and CEO of Park Avenue Mortgage Group in New York, told Reuters. "People like to buy when there is optimism in the market and at home."

Relocation and home sales did pick up slightly in August, but only after a severe drop off in July. The National Association of Realtors says that despite the increase, sales of existing homes still trailed last year's results by 19 percent.