After weeks of continual increases, mortgage rates finally slowed down, according to Freddie Mac’s latest Primary Mortgage Market Survey. According to the survey, the 30-year fixed-rate mortgage averaged 4.85% for the week ending Oct. 18, 2018, falling from 4.9% last week, but still much higher than last year’s rate of 3.88%. Freddie Mac Chief Economist Sam Khater said the modest decline in mortgage rates is a welcome respite from the rapid increase in rates the last few weeks. “While the housing market has clearly softened in reaction to the rise in mortgage rates, the economy and consumer sentiment remain very robust and that will sustain purchase demand, particularly in affordable markets and neighborhoods,” Khater said. (Source: Freddie Mac)

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