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Mortgage Rates Stay Below 3%

Mortgage rates, or interest rates on home loans, stay below 3% for third 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 2.96 percent for the week ending May 6, 2020, down from 2.98 percent last week. A year ago at this time, the average rate was 3.26 percent.

The 15-year FRM this week averaged 2.30 percent, down from 2.31 percent last week. A year ago at this time, the 15-year FRM averaged 2.73 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.70 percent, up from 2.64 percent last week. It was 3.14 percent a year ago.

"Mortgage rates have remained under three percent for three consecutive weeks," said Sam Khater, Freddie Mac's Chief Economist. "Consumer income and spending are picking up, which is leading to an acceleration in economic growth. The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It's also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow."

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