Freddie Mac weekly survey shows mortgage rates holding steady

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Mortgage rates remained fairly steady for the week ending Oct. 29, with the 30-year fixed-rate mortgage coming in at an average of 5.03 percent, according to a Freddie Mac survey. Over the past 10 months, the 30-year rate average has been at its lowest levels in the 38-year-old survey’s history. This week’s number is up slightly over last week’s 5 percent average, but still considerably lower than last year’s 6.46 percent rate for this week. The 15-year fixed-rate mortgage average was 4.46, a small increase. Five-year ARMs averaged 4.42 and one-year ARMs averaged 4.57 percent, up from 4.40 and 4.54 percent, respectively, for the week earlier. The five-year ARM was at 6.36 percent and the one-year ARM was at 5.38 percent during the same period last year. [CNBC]

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