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US rate on 30-year mortgage declines to 3.51 pct.

Published on NewsOK Modified: February 28, 2013 at 10:13 am •  Published: February 28, 2013

Still, some people are unable to take advantage of the low mortgage rates, either because they can't qualify for stricter lending rules or they lack the money for larger down payment requirements.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for 30-year mortgages was unchanged at 0.8 point. The fee for 15-year loans also remained at 0.8 point.

The average rate on a one-year adjustable-rate mortgage ticked down to 2.64 percent from 2.65 percent last week. The fee for one-year adjustable-rate loans was steady at 0.4 point.

The average rate on a five-year adjustable-rate mortgage fell to 2.61 percent from 2.64. The fee rose to 0.6 point from 0.5.