Mortgage Rates Mostly Hold Steady This Week

Mortgage rate averages moved very little this week, continuing to hover near 60-year lows, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates remained relatively unchanged this week amid mixed economic data reports,” Frank Nothaft, chief economist at Freddie Mac, said in a statement.

While consumer sentiment was down for October, overall economic activity continued to expand last month, according to two recent economic reports. New-housing starts also soared 15 percent in September — the largest monthly gain since April 2010. However, existing-home sales dropped 3 percent in September.

Here’s a closer look at rates for the week ending Oct. 20:

  • 30-year fixed-rate mortgages: averaged 4.11 percent, with an average 0.8 point, dropping only slightly from last week’s 4.12 average. A year ago, 30-year fixed-rate mortgages averaged 4.21 percent.
  • 15-year fixed-rate mortgages: averaged 3.38 percent, with an average 0.8 point, rising from last week’s 3.37 percent. Last year at this time, the 15-year fixed-rate averaged 3.64 percent.
  • 5-year adjustable-rate mortgages: averaged 3.01 percent for the week, with an average 0.6 point down, down from last week’s 3.06 percent average. Last year at this time, the 5-year ARM averaged 3.45 percent.
  • 1-year ARMs: averaged 2.94 percent for the week, with an average 0.6 point, compared to last week’s 2.90 percent average. A year ago at this time, 1-year ARMs averaged 3.30 percent.

Source: Freddie Mac

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