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Mortgage Rates Plunge To All-Time Low Mark

Mortgage rates, or interest rates on home loans, reach 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 3.23 percent for the week ending April 30, 2020, down from 3.33 percent last week. A year ago at this time, the average rate was 4.14 percent.

The 15-year FRM this week averaged 2.77 percent, down from 2.86 percent last week. A year ago at this time, the 15-year FRM averaged 3.60 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.14 percent, down from 3.28 percent last week. It was 3.68 percent a year ago.

"The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April," said Sam Khater, Freddie Mac's Chief Economist. "While many people are benefitting from low mortgage rates, it's important to remember that not all people are able to take advantage of them given the current pandemic."

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