The average rate on a 30-year mortgage was 4.32% this week,compared with 4.39% last week, Freddie Mac said Thursday.
|The mortgage buyer noted that during the same period last yearthe average rate was 4.44%. Freddie Mac also said the average rateon a 15-year fixed mortgage was 3.50%, compared with 3.54% lastweek and 3.92% last year at this time.
|Freddie Mac Chief Economist Frank Nothaft said the Fed'sdecision to keep interest rates unchanged drove the mortgage ratesdown.
|He also predicted that the lower rates would “help to maintainthe high degree of home-buyer affordability in the market.”
|On Wednesday, the National Association of Realtors reported thatmedian existing-home prices declined in the second quarter and 27%of metropolitan areas experiencing price gains from a year ago.
|According to the trade association, the median existingsingle-family home price was $171,900 in the second quarter,compared with $176,800 in the second quarter of 2010.
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