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Mortgage Rates Rises From Record Low

Mortgage rates, or interest rates on home loans, rose from the all-time low mark it recorded last week, 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 3.26 percent for the week ending May 7, 2020, up from 3.23 percent last week. A year ago at this time, the average rate was 4.10 percent.

The 15-year FRM this week averaged 2.73 percent, down from 2.77 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 3.17 percent, up from 3.14 percent last week. It was 3.63 percent a year ago.

"Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high," said Sam Khater, Freddie Mac's Chief Economist. "Although purchase demand declined thirty-five percent year-over-year in mid-April, demand has improved modestly over the last three weeks."

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