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Mortgage rates held steady this week, Freddie Mac says

Mortgage rates held steady this week, Freddie Mac says
U.S. home prices are slightly above the peak set in July 2006, according to the Case-Shiller national home price index. (Bryan Chan / Los Angeles Times)

Fixed mortgage rates were essentially flat this week, with lenders offering a 30-year loan at 3.67%, compared to 3.66% last week, Freddie Mac said Thursday.

The mortgage finance giant's weekly survey showed rates for a 15-year fixed loan averaged 2.94%, compared to 2.93% a week earlier.

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The initial rate on loans fixed for five years before adjusting rose slightly, from 2.83% last week to  2.88% this week.

Mortgage rates have fallen in the last year, however, which could spur more home sales during the typically busy spring selling season.

A year ago, the average on a 30-year fixed loan was 4.27%.

Freddie Mac's survey asks lenders each week about the terms they offer low-risk borrowers on loans up to $417,000.

Actual rates are influenced by many factors, including a borrower's debt load and credit history.

Follow me on Twitter: @khouriandrew

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