Mortgage rates maintain upward trend in U.S. housing market

0 Comment(s)Print E-mail Xinhua, April 19, 2019
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WASHINGTON, April 18 (Xinhua) -- Mortgage rates moved up slightly in the United States this week, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.

For the week ending April 18, the 30-year fixed-rate mortgage (FRM) in the United States rose to 4.17 percent from the previous week's 4.12 percent.

Even as the reading continued to rise, the 30-year FRM rate remained at a low level. For the same period one year ago, the 30-year FRM averaged 4.42 percent.

"After dropping dramatically in late March, mortgage rates have modestly increased since then. While this week marks the third consecutive week of rises, purchase activity reached a nine-year high, indicative of a strong spring homebuying season," said Sam Khater, chief economist of Freddie Mac.

Besides, Freddie Mac noted that the 15-year FRM this week also edged up to 3.62 percent, which was higher than the previous week's reading of 3.6 percent.

The rate of the 15-year FRM was also lower over the year. For the same period a year ago, the figure was 3.87 percent.

As mortgage rates rose, Mortgage Bankers Association reported on Wednesday that mortgage applications and refinance activities both dropped in the United States.

Freddie Mac is a corporation founded by the U.S. Congress, aimed at promoting 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 the U.S. mortgage rate since April 1971. Enditem

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