Mortgage rates decline as spring buying season begins

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Fixed mortgage rates edged down as the spring homebuying season began to kick in this week, Freddie Mac reported.

Rates on 30-year fixed-rate mortgages averaged 4.34 percent with an average point of 0.7 for the week ending April 10, down from 4.41 percent last week but up from 3.34 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages, five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans and one-year Treasury-indexed ARMs also slipped.

Source: Freddie Mac