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Mortgage Rates Drop Slightly

Mortgage rates, or interest rates on home loans, dropped slightly to sub-3 percent, 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 2.99 percent percent for the week ending July 30, 2020, down from 3.01 percent 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 2.54 percent last week. A year ago at this time, the 15-year FRM averaged 3.20 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.94 percent, down from 3.09 percent last week. It was 3.46 percent a year ago.

"It's Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago," said Sam Khater, Freddie Mac's Chief Economist. "Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall."

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