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Mortgage Rates Inch Up

Mortgage rates or interest rates on home loans inched up this week, according to mortgage provider Freddie Mac.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 4.12 percent for the week ending April 11, 2019, up from last week's 4.08. A year ago at this time, the average rate was 4.42 percent.

The 15-year FRM this week averaged 3.60 percent, up from last week's 3.56 percent. A year ago at this time, the 15-year FRM averaged 3.87 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.80 percent, up from last week's 3.66 percent. It was 3.61 percent a year ago.

Sam Khater, Freddie Mac's chief economist, says, "Rates moved up slightly this week while mortgage applications decreased following last week's jump in rates - indicating borrower sensitivity to changing mortgage rates. Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months."

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