WASHINGTON, Jan. 9 (Xinhua) -- Mortgage rate decreased in the United States last week, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.
For the week ending Jan. 9, 2020, 30-year fixed-rate mortgage (FRM) in the United States decreased to 3.64 percent from previous week's 3.72 percent.
However, 30-year FRM, the benchmark mortgage rate, was still significantly lower than the previous year. For the same period one year ago, the 30-year FRM averaged 4.45 percent.
Besides, Freddie Mac noted that 15-year FRM this week dropped to 3.07 percent from previous week's 3.16 percent. The rate of 15-year FRM was also lower over the year and the figure was 3.89 percent for the same period a year ago.
"Mortgage rates fell to the lowest level in thirteen weeks, as investors sought the quality and safety of the U.S. Treasury fixed income markets," said Sam Khater, chief economist of Freddie Mac.
"The drop in mortgage rates, combined with the strong labor market, should propel a continued rise in homebuyer demand," said Khater.
Freddie Mac is a corporation founded by U.S. Congress, aiming 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 U.S. mortgage rate since April 1971.
