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Mortgage Rates Near All-Time Lows

Mortgage rates, or interest rates on home loans, dropped and have reached all-time low mark, 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 3.31 percent for the week ending April 16, 2020, down from 3.33 percent last week. A year ago at this time, the average rate was 4.17 percent.

The 15-year FRM this week averaged 2.80 percent, up from 2.77 percent last week. A year ago at this time, the 15-year FRM averaged 3.62 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.34 percent, down from 3.40 percent last week. It was 3.78 percent a year ago.

"Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening," said Sam Khater, Freddie Mac's Chief Economist.

Khater continued, "While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration."

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