Mortgage rates showed little movement during the week ending October 2 after jumping last week, mortgage financier Freddie Mac reported today.
The average 30-year fixed-rate mortgage climbed a single basis point to 6.10 percent, but still remains significantly better than year-ago levels when it averaged 6.37 percent.
The 15-year fixed averaged 5.78 percent, up from 5.77 percent a week earlier, but still better than the 6.03 percent average seen a year ago.
The five-year adjustable-rate mortgage fell to six percent even, down from 6.02 percent a week ago and 6.11 percent a year earlier.
And the one-year ARM dipped four basis points to 5.12 percent, substantially better than the 5.58 percent average seen this time in 2007.
Freddie Mac’s weekly survey, conducted since the 1970s, uses data from conforming mortgages with a loan-to-value of 80 percent.
Meanwhile, Bankrate, who releases its own weekly survey, said the average rate on a conforming 30-year fixed-rate mortgage climbed to 6.41 percent from 6.32 percent last week, though the average jumbo 30-year fixed was a much higher 7.65 percent.
The company said rates have swung wildly during the year, ranging from as low as 5.57 percent in January to as high as 6.77 percent in July.
The question now is, where do rates go from here, now that the bailout seems sure to pass?
(photo: salemek)
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