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Mortgage rates trend lower to end year


Longer-term fixed mortgage rates finished the year lower, according to Freddie Mac.

The 30-year fixed rate averaged 4.55 percent, down seven basis points from the prior week.

The 15-year fixed rate fell to 4.01 percent, down six basis points, Freddie said. Five-year adjustable rate mortgages were the exception, with the rate rising two basis points to 4 percent.

“Rates continued their two-month slide and are currently hovering around the same level as the early summer, which was before the deterioration in home sales,” said Sam Khater, Freddie Mac’s chief economist.

“The negative headlines around the financial markets are concerning but the economy remains healthy, so the drop in mortgage rates should stem or even reverse the slide in home sales that occurred during the second half of 2018,” Khater said.

A year ago, the 30-year fixed rate was at 3.99 percent.


 

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