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Mortgage Rates Inch Up

Mortgage rates, or interest rates on home loans, inched up from last week, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.65 percent for the week ending January 16, 2019, up from 3.64 last week. A year ago at this time, the average rate was 4.45 percent.

The 15-year FRM this week averaged 3.09 percent, up from 3.07 percent last week. A year ago at this time, the 15-year FRM averaged 3.88 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.39 percent, up from 3.30 percent last week. It was 3.87 percent a year ago.

"Mortgage rates inched up by one basis point this week with the 30-year fixed-rate mortgage averaging 3.65 percent. By all accounts, mortgage rates remain low and, along with a strong job market, are fueling the consumer-driven economy by boosting purchasing power, which will certainly support housing market activity in the coming months," said Sam Khater, Freddie Mac's Chief Economist.

Khater continued, "While the outlook for the housing market is positive, worsening homeowner and rental affordability due to the lack of housing supply continue to be hurdles, and they are spreading to many interior markets that have traditionally been affordable."

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