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Mortgage Rates Downtick Continues

Mortgage rates, or interest rates on home loans, continues to slip as it dropped further from last week, 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 2.88 percent for the week ending July 15, 2020, down from 2.90 percent last week. A year ago at this time, the average rate was 2.98 percent.

The 15-year FRM this week averaged 2.22 percent, up from 2.20 percent last week. A year ago at this time, the 15-year FRM averaged 2.48 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.47 percent, down from 2.52 percent last week. It was 3.06 percent a year ago.

"The summer swoon in mortgage rates continues as the 30-year fixed-rate mortgage fell for the third consecutive week," said Sam Khater, Freddie Mac's Chief Economist. "Since their peak at 3.18% in April, mortgage rates have declined by thirty basis points. While this decline is not large, it provides modest relief to borrowers who are purchasing in a market with strong home appreciation and scant inventory."

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