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Mortgage Rates Continues To Rise

Mortgage rates, or interest rates on home loans, continues its upward momentum as economy improves slowly, 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 3.09 percent for the week ending March 18, 2020, up from 3.05 percent last week. A year ago at this time, the average rate was 3.65 percent.

The 15-year FRM this week averaged 2.40 percent, up from 2.38 percent last week. A year ago at this time, the 15-year FRM averaged 3.06 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.79 percent, up from 2.77 percent last week. It was 3.11 percent a year ago.

"As expected, mortgage rates continued to inch up but are still hovering around three percent, keeping interested buyers in the market," said Sam Khater, Freddie Mac's Chief Economist. "However, residential construction has declined for two consecutive months and given the very low inventory environment, competition among potential homebuyers is a challenging reality, especially for first-time homebuyers."

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