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Key rates remain stable

Long-term fixed mortgage rates were essentially unchanged last week after falling steeply a week earlier, Freddie Mac reported.

As of Thursday, the 30-year fixed rate averaged 4.62 percent, down one basis point over the week. A year earlier, the rate was 3.94 percent.

The 15-year fixed rate was unchanged at 4.07 percent, whereas the rate for five-year adjustable mortgages ticked down six basis points to 3.98 percent.

Freddie's Chief Economist Sam Khater said the recent decline in mortgage rates has perked up sales of existing homes.  

 “After declining for six consecutive months, existing home sales finally rose in October and November and are essentially at the same level as during the summer months,” Khater said. “This modest rebound in sales indicates that homebuyers are very sensitive to mortgage rate changes – and given the further drop in rates we’ve seen this month, we expect to see a modest rebound in home sales as well.”


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