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Mortgage Rates Inch Up

Mortgage rates, or interest rates on home loans, increased slightly from its 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 3.33 percent for the week ending April 23, 2020, up from 3.31 percent last week. A year ago at this time, the average rate was 4.20 percent.

The 15-year FRM this week averaged 2.86 percent, up from 2.80 percent last week. A year ago at this time, the 15-year FRM averaged 3.64 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.28 percent, down from 3.34 percent last week. It was 3.77 percent a year ago.

"Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data," said Sam Khater, Freddie Mac's Chief Economist. "While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate's passage of a new small business stimulus, we continue to see a deep economic contraction amidst uncertainty about the recovery formation."

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