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Mortgage rates tick down

The 30-year fixed mortgage rate fell off a seven-year high, declining for the first time in five weeks, Freddie Mac reported.

As of Thursday, the rate averaged 4.71 percent, down one basis point from the prior week. A year ago, the rate averaged 3.85 percent.

The 15-year fixed rate also fell one basis point to 4.15 percent. Five-year adjustable rate mortgages averaged 4.01 percent, up four basis points.

Freddie’s Chief Economist Sam Khater said rates are expected to climb.

“There is upside risk to mortgage rates as the economy remains very robust and this is reflected in the very recent strength in the fixed income and equities markets,” Khater said. “With mortgage rates expected to track higher, it’s going to be a challenge for the housing market to regain momentum,” he added. 


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