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Benchmark mortgage rate drops in U.S. housing market
Last Updated: 2020-02-28 12:04 | Xinhua
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Benchmark mortgage rate moved down slightly in the United States, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.

For the week ending Feb. 27, the 30-year fixed-rate mortgage (FRM) in the United States decreased to 3.45 percent from previous week's 3.49 percent.

However, it was still significantly lower than the previous year. For the same period one year ago, the 30-year FRM averaged 4.35 percent.

Besides, Freddie Mac noted that the 15-year FRM this week remained below 3 percent threshold at 2.95 percent, lower than 3.77 percent for the same period a year ago.

"Given the recent volatility of the 10-year Treasury yield, it's not surprising that mortgage rates again have dropped," said Sam Khater, chief economist of Freddie Mac.

"These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring," added Khater.

Freddie Mac is a corporation founded by U.S. Congress to promote the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loan makers. The corporation has been conducting weekly surveys on U.S. mortgage rate since April 1971.

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