Mortgage Rates Fall
US mortgage rates were basically unchanged this week, according to Freddie mac's weekly report, keeping borrowing costs at their lowest level since December. The average rate for the 30-year, fixed-rate mortgage, by far the most popular type, was 4.51 percent this week, up a hundredth of a percent over last week. The average for a 15-year, meanwhile remained at 3.69 percent.
Mortgage rates reached their highest level of the year in February, and have fallen steadily since, but those falling rates have done little to lift the struggling housing market. Stricter lending criteria, mounting foreclosures and the uncertain job market have conspired to keep demand for homes low even as prices continue to drop.
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