Freddie Mac: Mortgage Rates Basically Flat

Posted by Patrick Barnard on October 06, 2016 No Comments
Categories : Residential Mortgage

Mortgage rates were more or less flat during the week ended Oct. 6, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.42%, unchanged from the previous week. A year ago at this time, the 30-year FRM averaged 3.76%.

The average rate for a 15-year FRM was 2.72% also unchanged from the previous week. A year ago at this time, the 15-year FRM averaged 2.99%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.80%, down slightly from 2.81%. A year ago, the five-year ARM averaged 2.88%.

“The 10-year Treasury yield leaped to a two-week high following reports of the European Central Bank retreating from its bond-buying program ahead of its initial March deadline,” said Sean Becketti, chief economist for Freddie Mac, in a statement. “In contrast, the 30-year fixed-rate mortgage remained unchanged at 3.42 percent. Over the past two weeks, mortgage rates have remained fairly flat while Treasury yields have fallen and risen. This Friday’s jobs report will provide clarity on whether or not mortgage rates follow the recent upward trend in Treasury yields.”

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