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Mortgage rates have fallen to the lowest level in a year, below 6.2% , and could drift even lower if the Federal Reserve continues to trim its benchmark interest rates.

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Residential mortgage rates are not set directly by the Fed, but they closely track the 10-year note yield, which has been falling lately for a variety of reasons, including the expectation of further rate cuts.

“It is very possible that you could see a 30-year mortgage rate with a five number in front of it in the next few months with the Fed’s additional planned rate cuts,” Doug Flynn, a New York-based certified financial planner with Flynn Zito Capital Management, told NBC News. “That could bode w

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