(RTTNews) - Mortgage rates, or interest rates on home loans, further dropped, 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 3.33 percent for the week ending April 2, 2020, down from 3.50 last week. A year ago at this time, the average rate was 4.08 percent.
The 15-year FRM this week averaged 2.82 percent, down from 2.92 percent last week. A year ago at this time, the 15-year FRM averaged 3.56 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.40 percent, up from 3.34 percent last week. It was 3.66 percent a year ago.
"Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment," said Sam Khater, Freddie Mac's Chief Economist. "While the market has stabilized relative to prior weeks, homebuyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses."
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