Mortgage rates hold steady for the week

April 29, 2010 at 2:10 PM
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WASHINGTON, April 29 (UPI) -- Average interest rates for long-term mortgage contracts held mostly steady for the week, the U.S. Federal Home Loan Mortgage Corp. said.

For 30-year, fixed-rate mortgages, the rate dropped from 5.07 percent to 5.06 percent with points holding at 0.7 in the week ending Thursday, Freddie Mac said.

A year ago, rates for 30-year, fixed-interest loans averaged 4.84 percent.

At 4.39 percent with an average 0.7 points, 15-year, fixed-rate loans were unchanged from a week ago. A year ago, 15-year, fixed-rate mortgages averaged 4.51 percent.

The stability has been long-term, said Frank Nothaft, Freddie Mac vice president and chief economist.

"Mortgage rates on 30-year fixed loans have averaged about 5 percent over the first four months of this year, staying within a band of roughly a quarter percentage point and virtually matching 2009's annual average," Nothaft said.

"These low rates have been helping to moderate house price declines over the course of the year," he said.

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