Mortgage Rates Bottom Out Again
It seems mortgage rates are as good as they’re going to get, after failing to touch upon record lows set back in April, per the latest survey from Freddie Mac.
The traditional 30-year fixed, which seemed destined to reach a new all-time low, inched up to 4.92 percent during the week ending October 15, up from 4.87 percent last week.
It’s still handily beating its year ago average of 6.46 percent, and anything under five percent is certainly historically low, but we all hoped for better.
The 15-year fixed followed a similar path, climbing to 4.37 percent from 4.33 percent, but again still a major discount compared to the 6.14 percent seen this time last year.
Adjustable-rate mortgages trended higher as well, with the five-year ARM averaging 4.38 percent, up from 4.35 percent, though markedly better than the 6.14 percent seen a year ago.
The one-year ARM rose seven basis points to 4.60 percent, and still sits about a half point below the 5.16 percent average seen last year.
“Mortgage rates rose slightly over the week, but rates on 30-year fixed mortgages remained below 5 percent for the third consecutive week,” said Frank Nothaft, Freddie Mac vice president and chief economist.
“Homeowners are taking advantage of these low rates to refinance their current balances.”
The rates above are good for conforming loan amounts; jumbo loans continue to price a point or so higher.
Related Topics:
