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Mortgage rates slide

Key mortgage rates fell for the second consecutive week, Freddie Mac reported.

Through Wednesday, the 30-year fixed mortgage rate averaged 4.54 percent, down two basis points from the prior week, Freddie said. A year ago, the rate averaged 3.89 percent. Other key rates also fell.

Freddie’s Chief Economist Sam Khater said the home-purchase loan application data published by the Mortgage Bankers Association suggests that homebuyer activity has picked up with the dip in rates over the past two weeks. The growth rate of purchase loan balances has moderated since March, though.

“This slowdown indicates that buyers are having difficulty stretching to keep up with the pace of home-price growth,” Khater sad.

“While the very healthy job market continues to fuel interest in buying a home, the supply shortages in most markets are pushing prices higher and currently keeping sales at a standstill,” Khater said. “Listings for new and existing homes need to increase in the months ahead to moderate price growth and reignite sales activity.”


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