30-Year Fixed Back in the Fives
Mortgage rates climbed higher for a second straight week after nearly sinking to record lows, according to the latest survey from mortgage financier Freddie Mac.
The ever popular 30-year fixed mortgage averaged 5.00 percent for the week ending October 22, up from 4.92 percent last week, but below the 6.04 percent seen a year ago.
The 15-year fixed averaged 4.43 percent, up from 4.37 percent last week, but well below the 5.72 percent average from a year earlier.
Adjustable-rate mortgages were a mixed bag, with the five-year ARM up two basis points to 4.40 percent and the one-year ARM down six basis points to 4.54 percent.
A year ago, the five-year averaged 6.06 percent and the one-year averaged 5.23 percent.
“Following bond yields, long-term mortgages rates edged up slightly this week,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
“Although rates for 5/1 ARMs and traditional 1-year ARMs are around half a percentage point below 30-year fixed mortgages, consumers appear to be seeking the stability of fixed-rate mortgages.
The interest rates above are good only for conforming loan amounts on mortgages with a loan-to-value of 80 percent or less.
Jumbo loans continue to price a point or so higher, and any other pricing adjustments could greatly alter the actual interest rate you receive.
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