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Residential financing rates hold steady on weekly basis

Posted on Friday, April 3, 2015 at 7:46:58 AM

Another week down, and another week without substantial residential financing rate increases, according to Freddie Mac.

For the seven-day period ending April 2, the 30-year fixed-rate mortgage averaged only 3.70 percent, barely up from the previous week's 3.69 percent. On a similar note, the 15-year FRM averaged 2.98 percent, up from 2.97 percent. At the same time last year, the 30-year FRM averaged 4.41 percent while the 15-year FRM averaged 3.47 percent.

"Mortgage rates were little changed this week entering April about where we started the year," explained Len Kiefer, deputy chief economist at Freddie Mac. "The final estimate of real GDP growth for the fourth quarter of 2014 was unchanged from the prior estimate of a 2.2 percent annualized rate."

In addition, Fannie Mae pointed to economic weakness at the start of the year as one reason why the current housing market is below expectations. However, the government-sponsored enterprise added that conditions are expected to improve, thanks in part to stronger employment figures and an increase in personal household income.

Overall, the low rates and modest conditions can help keep affordability high, encouraging more buyers to test the waters.