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Mortgage Rates Inch Up

Mortgage rates, or interest rates on home loans, inched up slightly from the all-time low mark reached 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 3.18 percent for the week ending June 4, 2020, up from 3.15 percent last week. A year ago at this time, the average rate was 3.82 percent.

The 15-year FRM this week averaged 2.62 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.28 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.10 percent, down from 3.13 percent last week. It was 3.52 percent a year ago.

"While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market. Low mortgage rates are a key factor in this recovery," said Sam Khater, Freddie Mac's Chief Economist. "While homebuyer demand is up and has been broad-based across most geographies, supply has been slower to improve. In fact, the gap between supply and demand has widened even further than the large gap that existed prior to the pandemic."

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