Mortgage Rates Slips Below 3%

Mortgage rates, or interest rates on home loans, slip below 3% again, according to mortgage provider Freddie Mac (FMCC.OB). Last week, the interest rates on home loans rose above 3% for the first time in ten weeks.

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 July 1, 2020, down from 3.02 percent last week. A year ago at this time, the average rate was 3.07 percent.

The 15-year FRM this week averaged 2.26 percent, down from 2.34 percent last week. A year ago at this time, the 15-year FRM averaged 2.56 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.54 percent, up from 2.53 percent last week. It was 3.00 percent a year ago.

"Economic growth remains steady and is bolstering more segments of the economy," said Sam Khater, Freddie Mac's Chief Economist. "Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown."

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