Mortgage rates make gentle climb, but remain below 5 percent

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The average rate on 30-year fixed mortgages has remained below 5 percent, coming in at 4.92 percent for the week ending Oct. 15, according to Freddie Mac. This marks a gradual increase from last week’s average rate of 4.87 percent. Frank Nothaft, Freddie Mac vice president and chief economist, said that the low rates have been a boon to the residential market, with homebuyers taking advantage of the lower figures. Last year at this time, the average 30-year fixed mortgage rate was 6.46 percent.

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