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Mortgage Rates Decreases

Mortgage rates, or interest rates on home loans, drops as it continues to hover at record low levels, 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 3.24 percent for the week ending May 21, 2020, down from 3.28 percent last week. A year ago at this time, the average rate was 4.06 percent.

The 15-year FRM this week averaged 2.70 percent, down from 2.72 percent last week. A year ago at this time, the 15-year FRM averaged 3.51 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.17 percent, down from 3.18 percent last week. It was 3.68 percent a year ago.

"For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic," said Sam Khater, Freddie Mac's Chief Economist. "As states reopen, we're seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated."

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