Mortgage Rates Continue To Seesaw Near Historic Lows

Posted by Patrick Barnard on October 27, 2016 No Comments
Categories : Residential Mortgage

Mortgage rates edged back down again during the week ended Oct. 27, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.47%, down from 3.52% 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 2.78%, down slightly from 2.79%. A year ago at this time, the 15-year FRM averaged 2.98%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.84%, down slightly from 2.85%. A year ago, the five-year ARM averaged 2.89%.

“Mortgage rates continue to be relatively stable and at near record lows,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year FRM fell five basis points week-over-week to 3.47 percent, erasing last week’s increase. At the same time, the 10-year Treasury yield ended the week relatively flat – up about two basis points.”

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