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Mortgage rates increase slightly from last week


Freddie Mac’s latest Primary Mortgage Market Survey revealed that mortgage rates rose moderately this week, with the average 30-year fixed-rate loan growing from 4.08 percent last week to 4.12 percent.

“Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates — indicating borrower sensitivity to changing mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. “Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months.”

The aforementioned 30-year fixed-rate mortgage (FRM) saw a year-over-year decline, however. During the same week last year, the 30-year FRM averaged 4.42 percent.

The 15-year FRM averaged 3.60 percent, up from last week when it averaged 3.56 percent, but down from a year ago at this time, when it averaged 3.87 percent.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.80 percent, up from last week when it averaged 3.66 percent and up from the same time last year, when it averaged 3.61 percent.


 

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