Mortgage Rates: More of the Same
Fixed mortgage rates barely moved during the past week; they edged slightly higher but remained at near record lows, Freddie Mac reported Oct. 25 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate increased 0.04 percentage points to 3.41 percent (down from 4.10 percent a year ago). The 15-year fixed-rate rose 0.06 percent to 2.72 percent (down from 3.38 percent a year ago).
The one-year adjustable-rate mortgage, however, fell slightly again this week, down 0.01 percentage points to 2.59 percent (down from 2.90 percent a year ago). The five-year Treasury-indexed adjustable-rate remained steady at 2.75 percent (down from 3.08 percent a year ago).
“Mortgage rates remained relatively unchanged this week and should continue to support the housing market and mortgage refinance,” Frank Nothaft, Freddie Mac’s vice president and chief economist, said in a news release. “Existing home sales in September eased slightly to 4.75 million but was the second strongest annualized pace since May 2010. Moreover, new home sales rose to the most since April 2010. In addition, low rates and strong demand have already pushed the FHFA purchase-only home price index in August to its highest level (seasonally adjusted) since June 2010. And not surprisingly, the Federal Reserve in its October 24th monetary policy announcement acknowledged the further signs of improvement in the housing sector, albeit from a depressed level.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.