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Mortgage rates fell this week at the start of spring home-buying season.

After a few weeks of upward movement, mortgage rates reversed course this week, according to the latest data released by Freddie Mac.

The average 30-year, fixed-rate mortgage was 3.54 percent, down from 3.63 percent last week. Last year, the rate was an average of 4.08 percent.

The 15-year, fixed-rate mortgage average also dropped. It fell to 2.72 percent, down from 2.79 percent last week.

Since climbing above 3.5 percent in late January, the 30-year fixed rate had held steady or increased in every week but one.

30 year mortgage rate history

“Low and stable inflation is placing downward pressure on fixed mortgage rates,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index even lower. This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013. ”

Nothaft said that Freddie Mac expects mortgage rates to remain below 4 percent through this year. (2013)

Want to explore monthly payments and mortgage options ? Drop me a line John@MrWilliamsburg.com and I will connect you with one of our preferred lenders pronto.

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