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Financials

U.S. 30-year mortgage rates fall from 7-1/2 year peak - Freddie Mac

NEW YORK, Oct 18 (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages fell off a 7-1/2 year high in step with a pullback in bond yields, reversing from a spike due to a sharp selloff in the bond market, Freddie Mac said on Thursday.

Borrowing costs on 30-year mortgages, the most widely held home loan type in the United States, averaged 4.85 percent in the week ended Oct. 18, down from 4.90 percent a week earlier, the mortgage finance agency said. (Reporting by Richard Leong; Editing by Bernadette Baum)

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