Mortgage Rates See Little Change from Near-Record Lows
Fixed mortgage rates edged slightly lower this week, staying near all-times lows, Freddie Mac reported Oct. 18 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate fell 0.02 percentage points to 3.37 percent (down from 4.11 percent a year ago). The 15-year fixed-rate dropped 0.04 percent to 2.66 percent (down from 3.37 percent a year ago).
The one-year adjustable-rate mortgage rose slightly again this week, up 0.01 percentage points to 2.60 percent (down from 2.94 percent a year ago). The five-year Treasury-indexed adjustable-rate, also increased by 0.02 percent to 2.75 percent (down from 3.01 percent a year ago).
“Mortgage rates remained more or less unchanged this week as home construction builds up steam,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “Construction on single-family homes jumped to an annualized rate of 11 percent in August, the strongest pace since August 2008. Over the first nine months of the year, single-family starts were 23 percent higher than the same period last year. Moreover, homebuilder confidence rose for the sixth consecutive month in October to the highest level since June 2006, according to the NAHB/Wells Fargo Housing Market Index.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.