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Mid-spring continues to see mortgage rates slide

04.25.2013

Mortgage rates continued to drop in mid-April, which could affect home sales.

The residential housing market's affordability level may be reaching a high level, as mortgage rate averages continue to trend down.

The 15-year fixed-rate mortgage averaged 2.61 percent during the week ending April 25, according to Freddie Mac's Primary Mortgage Market Survey. This was the lowest level on record, as it dropped from the previous figure of 2.64 percent. The former all-time low was 2.63 percent.

For 30-year FRMs, the average during the week was 3.4 percent, which was slightly lower than the previous level of 3.41 percent, the report explained.

"The housing market is getting a boost with mortgage rates hovering at or near record lows," said Frank Nothaft, chief economist for Freddie Mac. "For instance, existing home sales averaged an annualized pace of 4.94 million over the first three months of this year, the most since the fourth quarter of 2009."

Another aspect of market improvement is the continued positive confidence coming from home sellers. A report from Redfin noted that nearly half of this group thinks that selling a property at this juncture is a good idea, which was more than 20 percent higher than the previous quarter.

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