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Mortgage rates temporarily slip as July begins


Mortgage rate averages dropped during early July.

Mortgage rates rose markedly in the past several weeks, but took a slight turn during the start of July, as the figures began to level out.

The 30-year fixed-rate mortgage averaged 4.29 percent for the week ending July 3, according to a report from Freddie Mac. This was a drop from one week earlier, when it was recorded at 4.46 percent.

For the 15-year FRM, the average was 3.39 percent, the report explained. This was a decline from the previous week's level of 3.5 percent.

"Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve's pullback in bond purchases eased somewhat," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market."

While mortgage rates showed a slight decline, there were still notable improvements in home values in recent months. A report from Zillow noted that home values rose to $159,000 in May, which was 0.5 percent improved from April's level.

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