U.S. mortgage rates fell last week to the lowest levels since May, with adjustable-rate mortgages leading the decline, according to the latest rate survey from Freddie Mac.
One-year adjustable rate mortgages declined to an average of 5.50 percent, down from 5.57 the prior week, while 5/1 ARMs averaged 5.89 percent, down from 5.98 percent.
Fixed-rate mortgages exhibited less movement, with the average 30-year fixed mortgage dipping just two basis points to 6.24 percent from 6.26 a week earlier, while the 15-year fell to 5.90 percent from 5.91 percent.
Still, the average 30-year fixed hit its lowest level since May 17 when it averaged 6.21 percent, and was lower than year-ago levels when it averaged 6.33 percent.
The 5/1 ARM averaged 6.08 percent a year ago, while the one-year adjustable averaged 5.55 percent.
The 15-year, which averaged 6.04 percent a year ago, was at its lowest level since May 10 when it averaged 5.87 percent.
“Reports of weaker consumer spending in September and a decline in manufacturing activity in October kept mortgage rates at bay this week. Rates for long-term mortgages were little changed, while rates for ARMs fell following the Federal Reserve’s interest-rate cut.” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
Mortgage lenders charged an average of half a percent in fee and points on both 15-year fixed mortgages and the 5/1 ARM, up from 0.4 percent last week, while fees for one-year adjustable and 30-year fixed mortgages were unchanged.
Related Topics:
