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Mortgage Rates Remain Relatively Flat as Economy Loses Momentum: Freddie Mac

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Mortgage rates remain relatively flat as the economy has lost momentum amid the COVID-19 pandemic, according to the latest results of Freddie Mac’s Primary Mortgage Market Survey. According to the data released Thursday by the federally chartered mortgage investor, the rate on a 30-day fixed-rate mortgage averaged 2.88 percent for the week ending Sept. 9, up slightly from 2.87 percent last week and higher than the 2.86 percent rate it averaged a year ago. While the economy is still growing, it has lost momentum over the last couple of months due to the current wave of new COVID-19 cases, which has led to weaker employment, according to Freddie Mac’s chief economist, Sam Khater. “Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances. The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking …

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