Mortgage rates held steady this week, Freddie Mac says

The rate on a 30-year fixed mortgage is 3.67%, compared to 4.27% a year earlier, Freddie Mac said.

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.

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.

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