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Mortgage Rates Slip

Mortgage rates, or interest rates on home loans, drop marginally, 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 2.77 percent for the week ending January 21, 2020, down from 2.79 percent last week. A year ago at this time, the average rate was 3.60 percent.

The 15-year FRM this week averaged 2.21 percent, down from 2.23 percent last week. A year ago at this time, the 15-year FRM averaged 3.04 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.80 percent, down from 3.12 percent last week. It was 3.28 percent a year ago.

"Mortgage rates have hovered near historic lows for almost a year, fueling purchase and refinance activity amid a global health crisis," said Sam Khater, Freddie Mac's Chief Economist. "We're now seeing rates fluctuate a bit as political and economic factors drive Treasury yields higher. However, we forecast rates to remain relatively low this year as the Federal Reserve keeps interest rates anchored near zero for a longer period of time, if needed until the economy rebounds."

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