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Mortgage Rates Change Little This Week, Rise to 3.49%

The average 30-year, fixed-rate mortgage rose from last week’s 3.47% in Freddie Mac’s weekly survey, though the 5/1 adjustable-rate mortgage fell to 3.25%.

WASHINGTON – The average 30-year, fixed mortgage rate remained fairly steady in this week’s survey from Freddie Mac, rising to 3.49% from last week’s 3.47%. Rates have remained close to record-low territory since last fall.

“The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up 15% from a year ago,” Freddie Mac said in its release. “We’ve seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring homebuying season.”

The 15-year fixed-rate mortgage rose a bit to 2.99% this week with an average 0.8 point. The 30-year FRM had an average 0.7 point.

The average 5/1 adjustable-rate mortgage averaged 3.25% this week with a 0.2 point.

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