Mortgage Rates Stay Steady

Average mortgage rates held steady after last week's big jump, according to new data from Freddie Mac.

 

The 30-year fixed-rate mortgage (FRM) averaged 3.94 percent for the week ending Nov. 2, unchanged from last week. The 15-year FRM this week averaged 3.27 percent, up from last week when it averaged 3.25 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week, up from last week when it averaged 3.21 percent.

 

Sean Becketti, Chief Economist, Freddie Mac, commented, “The markets' reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week's survey.”

 

And speaking of the Fed, the central bank’s Federal Open Market Committee (FOMC) announced yesterday that it would not be raising rates at this time. While acknowledging that “hurricane-related disruptions and rebuilding will continue to affect economic activity, employment, and inflation in the near term … past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term.” The Fed’s policy makers added that the “stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to two percent inflation.”

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