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Key rates dip

Mortgage rates declined slightly in the week, Freddie Mac said.

As of Thursday, the 30-year fixed rate averaged 4.83 percent, down three basis points from the prior week. A year ago, the rate averaged 3.94 percent.

Freddie Mac Chief Economist Kam Khater said a lack of affordable inventory, not higher rates, are proving to be the biggest stumbling block for entry-level buyers.

“Despite higher mortgage rates, the monthly mortgage payment remains affordable,” Khater said. “For many buyers the chronic lack of entry-level supply is a larger hurdle than higher mortgage rates because choices are limited and the inventory shortage has caused home prices to rise well above fundamentals.”

The 15-year fixed rate averaged 4.23 percent, down six basis points from a week earlier. Five-year adjustable rate mortgage rates dropped 10 basis points to 4.04 percent. 


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