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Mortgage rates move sideways

Key fixed mortgage rates fell marginally over the week, Freddie Mac reported.

As of Thursday, the 30-year fixed rate averaged 4.52 percent, down one basis point over the prior week. The 15-year fixed rate fell two basis points to 4 percent, whereas five-year adjustable rate mortgages rose by one basis point to 3.87 percent.

A year ago, the 30-year fixed rate averaged 3.96 percent.

Sam Khater, Freddie Mac’s chief economist, said mortgage rates remained flat primarily because of mixed economic data from last week.

“Manufacturing output and consumer spending showed improvements, but construction activity was a disappointment,” Khater said. “This meant there was no driving force to move mortgage rates in any meaningful way, which has been the theme in the last two months.”


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