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Investing.com -- Freddie Mac (OTCQB:FMCC) reported Thursday that the 30-year fixed-rate mortgage (FRM) averaged 6.58%, marking its lowest level since October.
The rate decreased from last week’s average of 6.63%. In comparison, the 30-year FRM averaged 6.49% during the same period last year.
"Mortgage rates fell to their lowest level since October," said Sam Khater, Freddie Mac’s Chief Economist. "Purchase application activity is improving as borrowers take advantage of the decline in mortgage rates."
The 15-year FRM also dropped to 5.71% from 5.75% last week. A year ago, the 15-year FRM averaged 5.66%.
The data comes from Freddie Mac’s Primary Mortgage Market Survey (PMMS), which tracks mortgage rate trends in the U.S. housing market.
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