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Mortgage rates stay flat


Mortgage rates remained stable over the week, according to Freddie Mac.

As of Thursday, the 30-year fixed rate averaged 4.81 percent, unchanged from the prior week. A year ago, the rate was 3.9 percent.

The 15-year fixed rate ticked up one basis point to 4.25 percent, and five-year adjustable rates averaged 4.12 percent, up three basis points.

“Mortgage rates stabilized the last couple of months as interest rate sensitive sectors such as new auto and home sales have clearly softened the outlook for the economy,” said Sam Khater, chief economist at Freddie Mac.

“Homebuyers pounced on the stability in rates as purchase mortgage applications increased, which indicates that despite higher mortgage rates this year there are buyers on the fence waiting for the right time to buy,” Khater added. 


 

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