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U.S. Mortgage Rates Steady As Spring Buying Season Starts

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Data from Freddie Mac show mortgage rates recorded very little movement in the period leading to the holidays, and attractive for home buyers.

According to the mortgage guarantor, the benchmark 30-year fixed-rate mortgage averaged 3.70 percent for the week ended April 2, up from last week when it averaged 3.69 percent. A year ago at this time, the rate averaged 4.41 percent.

Freddie Mac said the 15-year fixed-rate mortgage this week averaged 2.98 percent, up from 2.97 percent last week. A year ago, the average was 3.47 percent.

The mortgage rates information was released by Freddie Mac as part of its Primary Mortgage Market Survey.

Also, Freddie Mac said the 5-year Treasury-indexed hybrid adjustable-rate mortgage was unchanged at 2.92 percent and the 1-year Treasury-indexed ARM averaged 2.46 percent, also unchanged.

The modest change in mortgage rates come amid mixed economic and housing data and ahead of the March employment report.

Meanwhile, the National Association of Realtors recently said its pending home sales index in February surged up 3.1 percent to 106.9 after climbing 1.2 percent to a slightly downwardly revised 103.7 in January. Economists had expected the index to edge up by 0.3 percent.

With the bigger than expected increase, the pending home sales index reached its highest level since hitting 109.4 in June of 2013.

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