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Mortgage Rates Take Another Dip

Mortgage rates, or interest rates on home loans, dropped for second week in a row, 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 3.04 percent for the week ending April 15, 2020, down from 3.13 percent last week. A year ago at this time, the average rate was 3.31 percent.

The 15-year FRM this week averaged 2.35 percent, down from 2.42 percent last week. A year ago at this time, the 15-year FRM averaged 2.80 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.80 percent, down from 2.92 percent last week. It was 3.34 percent a year ago.

"Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week," said Sam Khater, Freddie Mac's Chief Economist. "The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce. As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year."

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