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Mortgage Rates Drop To Three-Month Low

Mortgage rates, or interest rates on home loans, drop to lowest level in three months, 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 3.60 percent for the week ending January 23, 2019, down from 3.65 last week. A year ago at this time, the average rate was 4.45 percent.

The 15-year FRM this week averaged 3.0 percent, down from 3.09 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 3.28 percent, down from 3.39 percent last week. It was 3.90 percent a year ago.

"Rates fell to the lowest level in three months and are about a quarter point above all-time lows," said Sam Khater, Freddie Mac's Chief Economist. "The very low rate environment has clearly had an impact on the housing market as both new construction and home sales have surged in response to the decline in rates, the rebound in the economy and improving financial market sentiment."

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