logo
Plus   Neg
Share
Email

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the current state of the COVID-19 pandemic in the U.S. is "really not good." The U.S. is the country worst-affected by the coronavirus and has recently seen a surge in coronavirus infections as lockdown restrictions are eased. Granules Pharmaceuticals, Inc. recalled twelve (12) lots of type 2 diabetes medication Metformin hydrochloride Extended-Release, in the form of oral film-coated tablets, for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Palantir Technologies Inc., the Silicon Valley big data analytics company that has handled U.S. government's certain sensitive projects, said it has confidentially filed documents with the Securities and Exchange Commission to go public. In a statement, the company said the proposed public listing of its Class A common stock is expected to take place after the SEC completes its review process.
Follow RTT