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Mortgage Rates Rise; But Still Below 3%

Mortgage rates, or interest rates on home loans, increased from last week, but is still below 3 percent, 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 2.99 percent for the week ending June 3, 2020, up from 2.95 percent last week. A year ago at this time, the average rate was 3.18 percent.

The 15-year FRM this week averaged 2.27 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.62 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.64 percent, up from 2.59 percent last week. It was 3.10 percent a year ago.

"Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough," said Sam Khater, Freddie Mac's Chief Economist. "There are many potential homebuyers who would like to take advantage of low mortgage rates, but competition is strong. For homeowners however, continued low rates make refinancing an option worth considering."

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