June 23, 2011 | last updated May 31, 2012 7:15 pm

Fixed mortgage rates flat, hover near yearly low

Fixed mortgage rates were mostly unchanged this week, hovering near yearly lows, The Associated Press reports.

Freddie Mac says the average rate on the 30-year loan held steady at 4.50 percent. It hit 4.49 percent two weeks ago, the lowest level this year.

The average rate on the 15-year fixed mortgage, popular for refinancing, inched up to 3.69 percent. Last week it reached a yearly low of 3.67 percent.

Rates typically track the yield on the 10-year Treasury note, which has been dropping in recent weeks based on weak data that points to a slower economy.

Low mortgage rates have done little to boost the troubled housing markets. Tougher lending requirements have prevented many people from taking advantage of the ultra-low rates.

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