Mortgage Rates Rise Above 3%

Mortgage rates, or interest rates on home loans, rose above 3% in ten weeks, 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 3.02 percent for the week ending June 24, 2020, up from 3.02 percent last week. A year ago at this time, the average rate was 3.13 percent.

The 15-year FRM this week averaged 2.34 percent, up from 2.24 percent last week. A year ago at this time, the 15-year FRM averaged 2.59 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.53 percent, up from 2.52 percent last week. It was 3.08 percent a year ago.

"Mortgage rates have risen above three percent for the first time in ten weeks," said Sam Khater, Freddie Mac's Chief Economist. "As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year. For those homeowners who have not yet refinanced - and there remain many borrowers who could benefit from doing so - now is the time."

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