Mortgage Rates Remain Stable

By October 11, 2016News, Uncategorized

Average fixed mortgage rates remain largely unchanged ahead of this week’s employment report, according to the most recent Freddie Mac Primary Mortgage Market Survey.

“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,” says Sean Becketti, Freddie Mac’s chief economist. “In contrast, the 30-year fixed-rate mortgage remained unchanged. Over the past two weeks, mortgage rates have remained fairly flat while Treasury yields have fallen and risen.”

Freddie Mac findings:

• The 30-year fixed-rate mortgage averaged 3.42 percent, with an average 0.5 point for the week ending Oct. 6, unchanged from the previous week. A year ago at this same time, the 30-year fixed-rate mortgage averaged 3.76 percent.

• The 15-year fixed-rate mortgage averaged 2.72 percent, with an average 0.5 point, unchanged from the previous week. A year ago at this same time, the 15-year fixed-rate mortgage averaged 2.99 percent.

• The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.80 percent this week, with an average 0.4 point, down from the previous week when it averaged 2.81 percent. A year ago, the five-year adjustable-rate mortgage averaged 2.88 percent.