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Mortgage rates remain stable


Mortgage rates were unchanged this past week, Freddie Mac reported.

The 30-year fixed rate averaged 4.55 percent for the second consecutive week. A year ago, the rate averaged 4.05 percent. The 15-year fixed rate declined by two basis points to 4.01 percent, but five-year adjustable rate mortgages rose eight basis points to 3.77 percent.

“The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth and restrained inflation,” Freddie Mac Chief Economist Sam Khater said.

Khater the recent rise in rates haven’t noticeably diminished the demand for loans.

“As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season,” Khater said.  

 “While this year’s higher rates – up 50 basis points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace,” he said. 


 

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