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Mortgage rates slip to start April

04.05.2013

Mortgage rates did not change much in the beginning of April.

The mortgage market experienced continued fluctuation as the spring homebuying season commenced, as rates fell slightly during the week ending April 4.

The average rate for the 30-year fixed-rate mortgage was 3.54 percent for the week, slightly lower than the previous level of 3.57 percent, according to Freddie Mac's Primary Mortgage Market Survey. The 15-year FRM also fell, as it stood at 2.74 percent in the most recent measurement, a drop from the previous level of 2.76 percent.

"Fixed mortgage rates dipped slightly while the manufacturing industry showed signs of slowing," said Frank Nothaft, chief economist for Freddie Mac. "Regionally, both the Chicago and Milwaukee purchasing manager reports for March fell below the market consensus forecast. On a national scale, both the ISM manufacturing and non-manufacturing indexes also showed reductions in growth."

While mortgage rates did not significantly change in recent weeks, other aspects of the housing market showed notable improvements.

The Standard & Poor's/Case-Shiller Home Price Indices showed the 10-City Composite rose more than 7 percent in January compared to one year earlier. The 20-City Composite jumped 8 percent during that period.

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