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Interest Rates Slip
Average 30-year 4.78%
April 29, 2011
By SAM GARCIAMortgage Daily
Mortgage rates improved and could stay at this level through next week.
Thirty-year fixed rate mortgages averaged 4.78 percent in Freddie Mac's Primary Mortgage Market Survey for the week ended Thursday, a small improvement over last week. The 30-year was 5.06 percent during the same week in 2010.
The average 15-year fixed-rate mortgage was 3.97 percent in Freddie's report.
Weak economic and home-price reports helped drag mortgage rates lower, according to Freddie Chief Economist Frank Nothaft.
The Federal Housing Finance Agency, which regulates Freddie, reported that the average 30-year on closed loans was 5.06 percent in March.
Based on an analysis of the 10-year Treasury yield, mortgage rates are likely to come in near the same levels next week.
More than three-quarters of Bankrate.com panelists surveyed for the week April 28 to May 4 predicted that mortgage rates won't move much during the next week. An increase was forecasted by 15 percent, and just 8 percent projected a decline.