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Mortgage Rates Plunge

Mortgage rates, or interest rates on home loans, slipped to second lowest level in three years, 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 3.51 percent for the week ending January 30, 2019, down from 3.60 last week. A year ago at this time, the average rate was 4.46 percent.

The 15-year FRM this week averaged 3.00 percent, down from 3.04 percent last week. A year ago at this time, the 15-year FRM averaged 3.89 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.24 percent, down from 3.28 percent last week. It was 3.96 percent a year ago.

"This week's mortgage rates were the second lowest in three years, supporting homebuyer demand and leading to higher refinancing activity," said Sam Khater, Freddie Mac's Chief Economist. "Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to spend or save."

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