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Mortgage Rates Drop

Mortgage rates, or interest rates on home loans, recorded a slight increase from last 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 3.57 percent for the week ending October 10, 2019, down from last week's 3.65. A year ago at this time, the average rate was 4.90 percent.

The 15-year FRM this week averaged 3.05 percent, down from last week's 3.14 percent. A year ago at this time, the 15-year FRM averaged 4.29 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.35 percent, down from last week's 3.38 percent. It was 4.07 percent a year ago.

"Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground," said Sam Khater, Freddie Mac's Chief Economist. "The fifty-year low in the unemployment rate combined with low mortgage rates has led to increased homebuyer demand this year. Much of this strength is coming from entry-level buyers - the first-time homebuyer share of the loans Freddie Mac purchased in 2019 is forty-six percent, a two-decade high."

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