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Mortgage Rates Continue To Rise

Mortgage rates, or interest rates on home loans, further gained from last week as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy, 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 3.56 percent for the week ending January 20, 2021, up from 3.45 percent last week. A year ago at this time, the average rate was 2.77 percent.

The 15-year FRM this week averaged 2.79 percent, up from 2.62 percent last week. A year ago at this time, the 15-year FRM averaged 2.21 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.60 percent, up from last week when it averaged 2.57. It was 2.80 percent a year ago.

"Mortgage rates moved up again as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation," said Sam Khater, Freddie Mac's Chief Economist. "As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring homebuying season. However, supply remains near historically tight levels and home prices remain high, keeping the market competitive."

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