logo
  

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
CVS Health is set to recruit qualified candidates to fill 25,000 clinical and retail jobs during a one-day national career event on Friday, September 24. This will enable CVS to meet the high demand for pharmacists, pharmacy technicians, nurses, and retail store associates to support flu season, COVID-19 vaccinations and testing. Twitter, Inc. (TWTR) announced Monday that it has entered into a binding agreement to settle the consolidated class action lawsuit commenced in 2016 in the United States District Court for the Northern District of California. Under the terms of the proposed settlement, Twitter will pay $809.5 million... Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement.
RELATED NEWS
Follow RTT