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Investing.com -- Freddie Mac reported that the 30-year fixed-rate mortgage (FRM) averaged 6.56% as of Thursday, down from 6.58% last week.
This marks a 10-month low for mortgage rates, according to Sam Khater, Freddie Mac’s Chief Economist.
"Purchase demand continues to rise on the back of lower rates and solid economic growth. Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market," Khater said.
The current 30-year FRM rate is higher than the 6.35% average recorded a year ago.
Meanwhile, the 15-year FRM remained unchanged from last week at 5.69%. This rate is also higher compared to the same period last year when it averaged 5.51%.
Freddie Mac (OTCQB:FMCC) releases its Primary Mortgage Market Survey weekly to track mortgage rate trends.
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