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Mortgage Rates Remain Steady At Record Lows

Mortgage rates, or interest rates on home loans, continued to remain at the lowest level 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 3.13 percent for the week ending June 25, 2020, flat compared to last week. A year ago at this time, the average rate was 3.73 percent.

The 15-year FRM this week averaged 2.59 percent, up from 2.58 percent last week. A year ago at this time, the 15-year FRM averaged 3.16 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.08 percent, down from 3.09 percent last week. It was 3.39 percent a year ago.

"After the Great Recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but in this crisis, it took less than ten weeks," said Sam Khater, Freddie Mac's Chief Economist. "The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buyers looking to take advantage of the low mortgage rate environment."

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