Mortgage rates continued on their volatile path, this week falling to levels seen three weeks ago, mortgage financier Freddie Mac said today.
The benchmark 30-year fixed-rate mortgage averaged 5.94 percent for the week ending October 9, down from 6.10 percent a week earlier and 6.40 percent a year ago.
The 15-year fixed averaged 5.63 percent, down from 5.78 percent last week and 6.06 percent a year earlier.
Adjustable-rate mortgages got in on the action as well, with the five-year ARM averaging 5.90 percent, down from 6.00 percent a week ago and 6.12 percent this time last year.
The one-year ARM actually increased three basis points from last week to average 5.15 percent, but is still significantly lower than the 5.73 percent seen last year.
Freddie Mac’s weekly published rates are based on conforming loan amounts with a loan-to-value of 80 percent.
Bankrate also publishes weekly jumbo loan rates, including the 30-year fixed jumbo, which averaged 7.61 percent this week, a slight change from seven days earlier.
Meanwhile, Wells Fargo is advertising a jumbo 30-year fixed at 9.25 percent, a rate that would likely be unaffordable for most homeowners.
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