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Mortgage Rates Inches Up

Mortgage rates, or interest rates on home loans, inched up slightly 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 2.80 percent for the week ending July 29, 2020, up from 2.78 percent last week. A year ago at this time, the average rate was 2.99 percent.

The 15-year FRM this week averaged 2.10 percent, down from 2.12 percent last week. A year ago at this time, the 15-year FRM averaged 2.51 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.45 percent, down from 2.49 percent last week. It was 2.94 percent a year ago.

"As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time," said Sam Khater, Chief Economist at Freddie Mac. "Largely due to the current environment, the 30-year fixed-rate remains below three percent for the fifth consecutive week while the 15-year fixed-rate hits another record low."

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