(RTTNews) - Mortgage rates, or interest rates on home loans, reached lowest rate heading into holiday weekend, 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 3.07 percent for the week ending July 2, 2020, down from 3.13 compared to last week. A year ago at this time, the average rate was 3.75 percent.
The 15-year FRM this week averaged 2.56 percent, down from 2.59 percent last week. A year ago at this time, the 15-year FRM averaged 3.18 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.00 percent, down from 3.08 percent last week. It was 3.45 percent a year ago.
"Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year," said Sam Khater, Freddie Mac's Chief Economist. "On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity."
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