As the spring home-buying season commences, good news comes on the mortgage front. Mortgage rates dropped this past week, according to Freddie Mac. The group reported a 30-year fixed-rate mortgage averaged 4.34 percent in the week ending April 10, down from 4.41 percent last week. A year ago, 30-year rates averaged 3.43 percent.
Lower mortgage rates play a role in home sales, which are an indicator of economic strength.
Dayton-area home sales have been steadily climbing for more than two years, except for February, when the frosty weather led to a 7 percent year-over-year decline.
“Mortgage rates eased a bit following the decline in 10-year Treasury yields,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.”
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