Freddie Mac: Mortgage Rates Remain Mostly Unchanged At Just Under 4%

Posted by Patrick Barnard on October 01, 2015 No Comments
Categories : Residential Mortgage

Mortgage rates were largely unchanged for the week ended Oct. 1, despite the ongoing global growth concerns putting downward pressure on Treasury yields, Freddie Mac reports.

According to the firm's weekly Primary Mortgage Market Survey, fixed mortgage rates averaged below 4% for the 10th consecutive week.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.85%, down slightly from 3.86% the previous week. A year ago at this time, the 30-year FRM averaged 4.19%.

The average rate for a 15-year FRM was 3.07%, down slightly from last week's 3.08%. A year ago at this time, the 15-year FRM averaged 3.36%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.91%, unchanged from the previous week. A year ago, the five-year ARM averaged 3.06%.

The average rate for a one-year Treasury-indexed ARM was 2.53%, unchanged from the previous week. At this time last year, the one-year ARM averaged 2.42%.

‘In contrast to the volatility in equity markets, the 10-year Treasury rate – a key driver of mortgage rates – varied just a little more than 10 basis points over the last week,’ says Sean Becketti, Freddie Mac's chief economist. ‘As a result, the 30-year mortgage rate remained virtually unchanged, dropping one basis point to 3.85 percent. This marks the 10th consecutive week of a sub-four-percent mortgage rate.’

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