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U.S. Mortgage Rates Stabilize

Mortgage rates or interest rates on home loans remained steady for 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 3.84 percent for the week ending June 20, 2019, up from last week's 3.82. A year ago at this time, the average rate was 4.57 percent.

The 15-year FRM this week averaged 3.25 percent, down from last week's 3.26 percent. A year ago at this time, the 15-year FRM averaged 4.04 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.48 percent, down from last week's 3.51 percent. It was 3.83 percent a year ago.

Sam Khater, Freddie Mac's chief economist, says, "While the continued drop in mortgage rates has paused, homebuyer demand has not. This is evident in increased purchase activity and loan amounts, indicating that homebuyers still have the willingness and capacity to purchase homes. Today's low rates, strong job market, solid wage growth and consumer confidence are typically important drivers of home sales."

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