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Mortgage Rates Hold Steady

9 Oct    Uncategorized

US Mortage rates appear to be holding steady despite a shaky economic outlook, which is welcome news for those looking to buy a home. According to the latest numbers from the Federal Home Loan Mortgage Corporation (FHLMC), also known as Freddie Mac, shows the 30-year fixed-rate mortgage ticked up to 3.65 percent with an average point of 0.6. Even though mortgage rates spiked in September, compared to last year’s rate of 4.71 percent, rates are definitely down. That works out to a noteworthy 1.06 percent dip, year-over-year. 

“While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase mortgage applications,” said Sam Khater, Freddie Mac’s Chief Economist. “As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market and we expect that to persist for the remainder of the year.”

The 15-year fixed-rate mortgage averaged 3.14 percent with an average 0.5 point, down from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.15 percent. Meanwhile the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.38 percent with an average 0.4 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 4.01 percent.