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U.S. mortgage rates easing

NEW YORK, March 16 (UPI) -- U.S. 30-year mortgage rates fell slightly last week to within a range of 6.34 percent and 6.43 percent.

Bankrate.com said mortgage rates were taking a breather after a larger-than-expected decline in February retail sales.

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"Since retail sales are the pulse of consumer spending, any drop-off stokes fears of a slowing economy. Yields on bonds, including government-issued and mortgage-backed securities, fell as expected. But record trade and current account deficits counteracted any increased demand for bonds, so mortgage rates moved only slightly. Fixed mortgage rates for each of the past two weeks remain higher than any other week dating back to September," Bankrate.com said in a statement.

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