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Mortgage Rates Drop Below 3%

Mortgage rates, or interest rates on home loans, dropped below 3% for the first time since February, 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 2.97 percent for the week ending April 22, 2020, down from 3.04 percent last week. A year ago at this time, the average rate was 3.33 percent.

The 15-year FRM this week averaged 2.29 percent, down from 2.35 percent last week. A year ago at this time, the 15-year FRM averaged 2.86 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.83 percent, up from 2.80 percent last week. It was 3.28 percent a year ago.

"The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low rate environment," said Sam Khater, Freddie Mac's Chief Economist. "Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market. Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position."

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