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On the radar: Freddie Mac rates inch up in first week of July

As of July 3, Freddie Mac reported fixed mortgage rates up 2 basis points from the prior week. The 30-year fixed was 3.75% and the 15-year fixed was 3.18%. The rate for a 5/1-year ARM was up 6 basis points to 3.45%.

Compared to June, rates are still down. The 30-year fixed rate was 3.80% for June, the lowest since 3.77% in November 2016. The 15-year fixed rate for June was 3.24%, the lowest since 3.20% in October 2017. And the ARM rate was 3.48%, its lowest since 3.47% in January 2018.

These are the sorts of mortgage rates that will keep buyers in the market and encourage existing mortgage holds to refinance.

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