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Mortgage Rates Reach Another All-Time Record Low

Mortgage rates, or interest rates on home loans, continued it decline and hit another all-time low, 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 3.03 percent for the week ending July 9, 2020, down from 3.07 compared to last week. A year ago at this time, the average rate was 3.75 percent.

The 15-year FRM this week averaged 2.51 percent, down from 2.56 percent last week. A year ago at this time, the 15-year FRM averaged 3.22 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.02 percent, up from 3.00 percent last week. It was 3.46 percent a year ago.

"The summer is heating up as record low mortgage rates continue to spur homebuyer demand," said Sam Khater, Freddie Mac's Chief Economist. "However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth."

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