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Mortgage Rates Drop

Mortgage rates, or interest rates on home loans, dropped amid the ongoing coronavirus pandemic, 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 3.50 percent for the week ending March 26, 2019, down from 3.65 last week. A year ago at this time, the average rate was 4.06 percent.

The 15-year FRM this week averaged 2.92 percent, down from 3.06 percent last week. A year ago at this time, the 15-year FRM averaged 3.57 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.34 percent, up from 3.11 percent last week. It was 3.75 percent a year ago.

"The Federal Reserve's swift and significant efforts to stabilize the market were much needed and helped mortgage rates drop for the first time in three weeks," said Sam Khater, Freddie Mac's Chief Economist. "Similar to other segments of the economy, real estate demand is softening. However, the combination of the Fed's actions and pending economic stimulus will provide substantial support to the mortgage markets."

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