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Mortgage Rates Holds Steady At Below 3%

Mortgage rates, or interest rates on home loans, continues to stay below 3% 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 2.98 percent for the week ending April 29, 2020, up slightly from 2.97 percent last week. A year ago at this time, the average rate was 3.23 percent.

The 15-year FRM this week averaged 2.31 percent, up from 2.29 percent last week. A year ago at this time, the 15-year FRM averaged 2.77 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.64 percent, down from 2.83 percent last week. It was 3.14 percent a year ago.

"In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data," said Sam Khater, Freddie Mac's Chief Economist. "The good news is that with rates under three percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high."

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