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Mortgage rates reverse course

Key fixed mortgage rates fell over the week, with the 30-year rate holding below the 5 percent threshold, Freddie Mac reported.

As of Thursday, the 30-year fixed rate averaged 4.85 percent, down five basis points over the prior week, Freddie reported. A year ago, the rate averaged 3.88 percent.

“The modest decline in mortgage rates is a welcome respite from the rapid increase in rates the last few weeks,” Freddie’s Chief Economist Sam Khater said.

“While the housing market has clearly softened in reaction to the rise in mortgage rates, the economy and consumer sentiment remain very robust and that will sustain purchase demand, particularly in affordable markets and neighborhoods,” Khater added.

The 15-year fixed rate also fell three basis points to 4.26 percent, but five-year adjustable rate mortgages rose three basis points to 4.1 percent. 


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