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Long-term mortgage rates flat in week

June 23, 2011 at 1:25 PM

WASHINGTON, June 23 (UPI) -- Long-term mortgage rates were flat in the week ending June 23, the U.S. Federal Home Loan Mortgage Corp. said Thursday.

Average interest rates for 15-year loans rose from 3.67 percent to 3.69 percent, with 0.7 points, while 30-year mortgages held unchanged at 4.5 percent with 0.7 points, Freddie Mac said.

Rates for 15-year, fixed-rate mortgages a year ago stood at 4.13 percent. Rates for 30-year mortgages a year ago averaged 4.69 percent.

"Mortgage rates were virtually unchanged this week amid further indications of a soft housing market. Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover, existing home sales fell 3.8 percent in May to the fewest since November 2010," said Frank Nothaft, Freddie Mac's vice president and chief economist in a statement.

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