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The 30-year, fixed-rate mortgage averaged 5.42 percent with an average 0.7 points in the week, Freddie Mac said.
A week ago, 30-year, fixed-rate mortgages averaged 5.38 percent. A year ago, the average rate was 6.45 percent.
At 4.87 percent with an average 0.7 points, the 15-year, fixed-rate average declined from a week ago, when the interest rates averaged 4.89 percent. A year ago, 15-year fixed-rate mortgages averaged 6.04 percent, the report said.
"Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week," said Frank Nothaft, Freddie Mac vice president and chief economist.
Existing home sales rose in May, but the median sales price fell 16.8 percent from a year ago, Nothaft said. "In contrast, new home sales fell 0.6 percent and the median sales price was only 3.4 percent lower than May 2008," he said.
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